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Crude Oil Futures – CL1!
Crude Falls as Trump Prods Saudi Arabia and OPEC to Lower Oil Prices
March WTI crude oil (CLH25) Thursday closed down -0.82 (-1.09%), and March RBOB gasoline (RBH25) closed up +0.0084 (+0.40%).Crude and gasoline prices settled mixed on Thursday, with crude falling to a 1-1/2 week low. Crude gave up early gains Thursday and turned lower after President Trump said he would push Saudi Arabia and OPEC to reduce the price of crude.
An increase in crude oil held worldwide on tankers is bearish for oil prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days rose by +2.5% w/w to 54.23 million bbl in the week ended January 17.
Light Crude Oil Futures – CL1!
Crude Prices Slip on Dollar Strength and Tariff Concerns
March WTI crude oil (CLH25) Wednesday closed down -0.39 (-0.51%), and March RBOB gasoline (RBH25) closed down -0.0286 (-1.35%).Crude prices came under pressure Wednesday after President Trump warned that he is considering a 10% tariff on all Chinese goods in retaliation for the flow of fentanyl from the country.
Wednesday’s monthly report from the Bundesbank signals weak energy demand in Europe’s largest economy and is bearish for crude prices after the report said, “In the first quarter of 2025, the German economy is unlikely to emerge from its long period of stagnation.”
EURUSD Daily
In line with what I said yesterday, so no need to repeat myself.
Now only remaining question is if EUR manages to close above that trendline tonight…
This is now the first signal that things are changing in EUR favour – It is a very early sign – 1.01800 held its ground, and more pull-push actions will be seen, with 1.02050 acting as a Major support.
This is a first time in awhile that I can see 1.06500 coming in play once again, but it will take some time so don’t expect any instant solutions.
We will continue following the developments on the Daily and Intraday basis as well – so stay tuned for more insights…
SOLUSD
Solana Bulls Counter Bearish Pressure To Keep Price Above $240
Solana price action is heating up as bulls show efforts to fend off bearish pressure and maintain the cryptocurrency above the vital $240 support level. This threshold has emerged as a key marker of market sentiment, serving as a critical point of defense for buyers aiming to keep the uptrend intact.
BTCUSD Daily
Resistance 100.850.00 & 102.750.00 – have to be taken or more consolidation will be needed.
89K should hold, but even if lost at one point there is always 80K area for Coin to be picked up.
Right now – the pattern that is unfolding is not looking good for immediate BTC advance , but taking into account Trump Inauguration and all who    knows….
SOLUSD Daily
Solana stayed shy of the Support trendline ( similar to Bitcoin) , and it has to take out 223.00 to attack the high.
However, it is still very much possible to see prolonged consolidation and to reach 160.00 prior to renewed Up Trend.
Be patient and do not try to run after it – you might end up buying a high that can last even several weeks….
4. Trading Tip: How to Use Retracements to Your Advantage
Retracements are a necessary evil. They are a market’s mechanism to shake out weak longs or shorts when positions get too over extended on one side or the other.’
See why retracements are important
Let’s say we are in a trend. The market gets overbought or oversold. It needs a shakeout. By shakeout I mean the market needs to squeeze out the weak hands, the weak shorts or weak longs before it can go after a new high or low….
…the currency (or any market) needs to do now is make a new retracement low or high (as the case may be) before buyers/sellers come in and resume the trend.
The point here is when you have a retracement and it stalls, beware of the move back in the direction of the overall trend as the market has less ability to absorb the flows than before the market corrected.
Textbook case: EURUSD Retracement
As this chart shows, it was a textbook case in the EURUSD, which plunged to a 1.0682 low after the U.S. election results. It then retraced sharply to 1.0833 but did not go far enough to break the downtrend. It then reversed in favor of the trend to break to a new low.
The key takeaway is when in a mature trend or one that has moved too far, too fast a retracement is necessary to setup a move to a new low or high. Keep this in mind when trading in a trend. View a retracement as a necessary evil that is needed before a trend can resume. BUT don’t ignore what charts are saying when a market retraces.
In this regard , keep an eye on longer term technical levels that would either keep the current trend intact or break a level that would change the technical picture. Following this logic will allow you to take advantage of retracements rather than letting them take advantage of you.
Addendum: November 13, 2024
To further prove the logic of what I discussed, See the following chart where a mini retracement that took out stops and weak short EURUSD positions was followed by a move down to a new low.
XRPUSD
XRP Stronger Than Everyone: 2.2 Million Transactions
As the most successful cryptocurrency, XRP has maintained its position as the most reliable asset on a market that is prone to volatility. At $2.03, XRP has risen 10.6% in the last week, surpassing Bitcoin, Ethereum and Binance Coin, which are suffering losses ranging from 4% to more than 8%.
XRP is consolidating within a bullish triangle pattern, with resistance at $2.50 and immediate support at $2.20. Significant buying interest could be generated by a breakout above $2.50, which could lead to $3.00, a crucial psychological level.The downside is that a retracement toward $1.90 might occur if the $2.20 support is lost.
