The commodity market was adjusted moderately on Tuesday morning after the price of Brent crude oil rose by 2% the day before. A barrel of the North Sea variety is at about 84 USD.
The main support factor currently is the improving prospects for global demand. Additionally, there are expectations that global oil producers will restrain supply.
The latest oil market reports from OPEC+, the International Energy Agency and the US Department of Energy suggest a steady increase in energy demand in the second half of 2024.
Yesterday’s surge in Brent’s price was also supported by an increase in the value of the entire range of risky assets. This is due to reduced inflationary pressures in the world’s largest economies. Such signals strengthen the bet on lowering the cost of lending in the coming months.
The proposal is underpinned by the collaborative efforts of key OPEC+ member countries, including Russia and Iraq, which have confirmed their intentions to adhere to the agreed production quotas. Saudi Arabia has also expressed its readiness to adjust production volumes to fully account for market conditions.
Technical analysis of Brent
On the H4 Brent chart, the market has formed a consolidation range above the 81.60 level. Today, the price has moved up from this range, continuing to develop a wave of growth to the level of 86.40. After achieving this level, we anticipate a correction to 81.60. Next, we expect the trend to continue to the level of 89.00. This scenario is technically confirmed by the MACD indicator, with its signal line above the zero mark and directed strictly upwards.
On the H1 Brent chart, the market received support at 81.56 and began the development of the second half of the growth wave. At the moment, the local target at the level of 83.98 is fulfilled. Today, a link of growth to 84.00 is possible. Next, we expect a correction link to the level of 82.76 (test from above), followed by an increase to the level of 86.40. Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is below the level of 20 and is preparing for the start of growth.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
Brent crude oil is holding steady at 81.50 USD per barrel on Tuesday, following a significant surge of over 2.5% the previous day. The price increase was driven by optimistic market expectations about fuel demand this coming summer and news that the US government is seizing the opportunity to replenish its strategic oil reserves at relatively low prices, with a particular focus on oil priced around 79 USD per barrel.
As the US Federal Reserve meeting commences today, market caution is expected. The recent robust employment data for May from the US suggests that the Fed might maintain a tight monetary policy longer than anticipated. This potential shift in policy could dampen US economic growth prospects and impact energy demand, making the Fed’s forthcoming statements highly significant for the oil market.
Additionally, market participants eagerly await the release of the American Petroleum Institute (API) report on crude oil and petroleum product inventories today and the Department of Energy’s similar report on Wednesday. These data releases, along with the monthly market reports from the Energy Information Administration (EIA), OPEC, and the International Energy Agency (IEA) later in the week, could further influence oil price dynamics.
Brent technical analysis
On the H4 chart, Brent has completed the initial wave of growth to 81.79. Currently, a consolidation range is expected to form below this level. Should there be a downward breakout, a correction towards 79.30 could occur, followed by a potential new wave of growth aiming for 83.30. Breaking this level could open the pathway to 87.50, the local target of the upward trend. The MACD indicator supports this bullish scenario, with its signal line below zero but directed sharply upwards.
On the H1 chart, after reaching 81.79, Brent is forming a consolidation range beneath this level. A downward exit could initiate a decline to 80.50, and further breaking this level could extend the correction to 79.30. Upon reaching this level, an upward movement to 81.80 is anticipated, potentially leading to further growth towards 83.30. This scenario is technically supported by the Stochastic oscillator, indicating a potential upward movement, as its signal line is currently poised at 20.
Market outlook
As investors navigate a week packed with significant data releases and central bank meetings, Brent crude prices will likely exhibit volatility. The outcome of the US Federal Reserve’s deliberations will be particularly pivotal, given its potential implications for economic activity and energy demand. Additionally, inventory data and global market reports from major energy agencies will provide further clues about supply and demand trends, which could either support the current price levels or drive further adjustments.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
The commodity market, struggling to maintain its upward momentum, frequently slips into sell-offs. On Thursday, the price of Brent crude oil fell to 83.60 USD per barrel.
On Wednesday evening, Brent lost almost 1% of its value due to expectations regarding lending costs. Market discussions revolved around the possibility that the Federal Reserve’s interest rates could remain high for an extended period. This outlook is detrimental to the demand prospects for energy resources.
The yield on US government bonds increased on Wednesday, dragging the USD along and exerting significant pressure on the entire spectrum of commodity assets, including oil. This development raises concerns as commodities become less attractive to investors who pay in US dollars. Market participants speculated on the consequences if the Federal Reserve postpones the beginning of the easing cycle or decides not to lower rates at all this year.
According to the API, fresh statistics showed that crude oil inventories in the US fell by 6.490 million barrels for the week. Gasoline stocks decreased by 0.452 million barrels, while distillate reserves rose by 2.045 million.
With June approaching, concerns grow regarding the upcoming OPEC meeting this Sunday.
Brent technical analysis
On the H4 chart, Brent made its first upward impulse towards 84.66. Today, a corrective wave is developing towards 82.55, with an anticipated formation of a consolidation range above this level. An upward breakout from this range is expected to initiate a new growth wave towards 84.70. Breaking through this level could extend the trend to 86.50, representing a short-term target. Technically, this scenario is confirmed by the MACD indicator. Its signal line is above zero and is pointing strictly upwards.
On the H1 chart, Brent completed a growth impulse structure to 84.66. It is currently correcting to 83.60. A consolidation range has formed below this level. An upward breakout from this range will signal the start of a growth wave towards 85.00 while breaking downwards will open up the potential for a correction to 82.55. After this correction, a new growth wave towards 85.00 could develop. Technically, this scenario is confirmed by the Stochastic oscillator. Its signal line is above the 20 mark. A new growth structure to the 80 mark is expected.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
The Dow Jones Index (US30) fell by 0.55% to a two-week low on Tuesday, while the S&P 500 Index (US500) gained 0.03%. The NASDAQ Technology Index (US100) closed positive 0.59%. Minneapolis Fed President Kashkari’s comments were somewhat hawkish for Fed policy and negative for stocks when he said the US economy remains “remarkably resilient” and the Fed should monitor whether inflation is slowing enough to justify an interest rate cut.
This Friday, markets await the PCE deflator data for April, the Fed’s preferred inflation gauge, to see if and when the Fed will start cutting interest rates. The core PCE deflator for April is expected to be unchanged from March at 2.8% y/y.
Nvidia (NVDA) shares are up more than 4%, leading the Nasdaq 100 stock as it continues its rally from last Thursday when the company reported better-than-expected first-quarter earnings and projected better-than-expected second-quarter earnings. Shares of Dell Technologies (DELL) are up over 3%, complementing last Thursday’s and last Friday’s 7% gain after Aletheia Capital Limited initiated coverage on the stock with a “buy” recommendation and a $240 price target. Airbnb (ABNB) shares are up over 2% after Wedbush upgraded their rating to “Outperform” from “Neutral” with a $165 price target.
Equity markets in Europe were mostly down yesterday. Germany’s DAX (DE40) fell by 0.52%, France’s CAC 40 (FR40) closed down 0.92%, Spain’s IBEX 35 (ES35) lost 0.44%, and the UK’s FTSE 100 (UK100) closed negative 0.76%.
ECB Governing Council spokesman Holzmann said he would support an ECB interest rate cut next week but would not automatically support moves after the June rate cut. ECB Governing Council spokesman Knot said the ECB is increasingly confident that consumer price growth will return to 2% next year and may gradually ease its “historically tight” monetary policy.
WTI crude oil prices held above $80 a barrel on Wednesday, near their highest levels in four weeks, amid expectations that OPEC+ countries will extend voluntary production cuts of around 2.2 million barrels daily for the third quarter at a meeting this weekend. Geopolitical concerns in the Middle East also continued to support oil prices as fighting in the Gaza Strip intensified and another ship was attacked in the Red Sea.
Asian markets were mostly up on Monday. Japan’s Nikkei 225 (JP225) was down 0.11% for the day, China’s FTSE China A50 (CHA50) decreased by 0.45%, Hong Kong’s Hang Seng (HK50) was down 0.03% and Australia’s ASX 200 (AU200) was negative 0.28%.
The yuan fell to 7.2487 per dollar as the People’s Bank of China (PBoC) gradually cut its daily discount rate for the managed currency to levels not seen in four months. The PBoC is constantly struggling to find the optimal rate of yuan depreciation to help the economy grow without causing market panic and capital outflows. The Central Bank has held the currency steady for most of the year, but pressure has been building due to rising capital outflows and weak domestic growth.
The Australian dollar stabilized near $0.665 as investors digested stronger-than-expected inflation data. The data showed that Australia’s monthly inflation rate accelerated to 3.6% year-on-year in April from 3.5% in March. This also defeated market expectations of a slowdown to 3.4% and was the highest reading since November. Markets are now betting that the Reserve Bank of Australia (RBA) will keep rates on hold for longer, with a rate cut not fully anticipated until May next year. The latest RBA meeting minutes showed that the board considered raising rates in May but ultimately decided to keep policy steady.
Vietnam’s annual inflation rate rose to 4.44% in May 2024 from 4.4% in the previous month. This is the highest inflation rate since January 2023 as prices rose for food and beverages (4.47% vs. 4.32% in April), transportation (4.58% vs. 4.24%), and culture, entertainment, and tourism (2.01% vs. 1.94%).
S&P 500 (US500) 5,306.04 +1.32 (+0.03%)
Dow Jones (US30) 38,852.86 −216.73 (−0.55%)
DAX (DE40) 18,677.87 −96.84 (−0.52%)
FTSE 100 (UK100) 8,254.18 −63.41 (−0.76%)
USD Index 104.60 0 (0%)
Important events today:
– Australia Consumer Price Index (m/m) at 04:30 (GMT+3);
– German GfK Consumer Climate (m/m) at 09:00 (GMT+3);
– German Consumer Price Index (m/m) at 15:00 (GMT+3);
– US FOMC Member Williams Speaks at 20:45 (GMT+3).
This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.
Technical Analyst Clive Maund reviews charts in the oil sector to explain why he believes oil might be in buying back territory.
With the main fundamental drivers for a higher oil price remaining in play, namely continuing strife in the Mid-East with the ongoing risk of flare ups and the growing risk of a dollar collapse, this looks like a good point to buy oil and oil related investments after the corrective phase of the past five weeks or so.
On the 8-month chart for Light Crude we can see how oil ran up in late March and early April following a breakout from a Head-and-Shoulders bottom. Then we saw what looks like a normal post-breakout reaction back to test the support at the top of the pattern with an intermediate base pattern forming in this support this month, within which are a couple of “bull hammers,” which are long-tailed bullish candles, which are more easily seen on shorter-term charts. This correction has more than fully unwound the earlier overbought condition and has put oil in a position to advance anew soon.
Turning now to oil stocks, we see on the 8-month chart for the Amex Oil Index (XOI:INDEXNYSEGIS) that they had quite a strong runup on the back of the rise in the oil price in March and April, but from early April, we see that this index has reacted back in what looks like a classic bull Flag / Pennant that will lead to renewed advance.
We can see that the duration of this corrective pattern has allowed time for the earlier heavily overbought condition shown by the MACD indicator to fully unwind, thus restoring upside potential, and for its bullishly aligned moving averages to partially catch up, thus creating the conditions for renewed advance. This, therefore, is believed to be a good time to buy selected oil stocks.
A good vehicle for playing renewed advance by the energy sector is the Energy Select Sector SPDR Fund (XLE:NYSEARC), and on its 8-month chart, we see that it has corrected back over the past five weeks or so in sympathy with the sector to arrive at the lower rail of a powerful uptrend channel, which has allowed time for its earlier heavily overbought condition to fully unwind.
This correction is believed to be a bull Flag that will lead soon to another strong upleg, an interpretation that is given added weight by the fact that the Accumulation line has held up very well on the correction and is even on the point of making new highs even though the price has not yet broken out of the Flag. This is very bullish, so XLE is rated as a Strong Buy here.
Whilst XLE is not viewed as especially speculative in this environment, buyers here may want to place a stop some way beneath the lower rail of the channel or to reduce the risk of being shaken out before a big rally, it’s perhaps better to place a stop beneath the support level at approximately $90 – $91.50.
Important Disclosures:
Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports was not paid by the author to publish or syndicate this article. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.
The price of Brent crude oil is currently experiencing a downturn, trading around 82.55 USD per barrel this Monday. The primary concern affecting the market today is the uncertainty surrounding demand levels, exerting significant pressure on the commodity.
Recent statements from representatives of the US Federal Reserve have led to expectations that interest rates may remain elevated for an extended period. This prospect of sustained high rates is likely to dampen economic growth, which could, in turn, negatively impact fuel demand from American consumers. The likelihood that the Fed will maintain current lending rates throughout the year is considered relatively high.
Additionally, data released on Friday showed a marked decline in US consumer confidence, reinforcing concerns that the economy might be losing its growth momentum. As we approach the summer season, traditionally a peak period for fuel consumption, the latest reports indicate rising stocks of petrol and distillates in the US. However, demand appears lacklustre, contradicting typical seasonal trends.
The next OPEC meeting is scheduled for early June. The group is expected to extend its production quotas into the second half of the year, a decision that could further impact oil price movements.
Brent technical analysis
The Brent H4 chart’s initial growth impulse to 84.24 has been completed, and the subsequent correction wave nearing 82.02 is almost finished. We anticipate the formation of a consolidation range above this level. If the price breaks upwards from this range, a growth to the level of 85.00 is expected, potentially extending to 88.00. This bullish scenario is technically supported by the MACD indicator, whose signal line is below zero but pointing upwards from the lows.
On the H1 chart, after completing the growth structure to 84.24, the market has finalised its correction at 82.02. A consolidation range above this level is expected to form. A breakout upwards from this range could initiate a new growth wave towards 85.00. The Stochastic oscillator corroborates this potential upward movement, with its signal line currently above 20 and aiming towards 80, suggesting a bullish momentum could be building.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
America’s first large-scale offshore wind farms began sending power to the Northeast in early 2024, but a wave of wind farm project cancellations and rising costs have left many people with doubts about the industry’s future in the U.S.
Several big hitters, including Ørsted, Equinor, BP and Avangrid, have canceled contracts or sought to renegotiate them in recent months. Pulling out meant the companies faced cancellation penalties ranging from US$16 million to several hundred million dollars per project. It also resulted in Siemens Energy, the world’s largest maker of offshore wind turbines, anticipating financial losses in 2024 of around $2.2 billion.
Altogether, projects that had been canceled by the end of 2023 were expected to total more than 12 gigawatts of power, representing more than half of the capacity in the project pipeline.
So, what happened, and can the U.S. offshore wind industry recover?
Estimates of the mean annual wind speeds in meters per second extending 200 kilometers from shore at a height of 330 feet (100 meters). ESMAP/The World Bank via Wikimedia, CC BY
I lead UMass Lowell’s Center for Wind Energy Science Technology and Research WindSTAR and Center for Energy Innovation and follow the industry closely. The offshore wind industry’s troubles are complicated, but it’s far from dead in the U.S., and some policy changes may help it find firmer footing.
Long approval process’s cascade of challenges
Getting offshore wind projects permitted and approved in the U.S. takes years and is fraught with uncertainty for developers, more so than in Europe or Asia.
Before a company bids on a U.S. project, the developer must plan the procurement of the entire wind farm, including making reservations to purchase components such as turbines and cables, construction equipment and ships. The bid must also be cost-competitive, so companies have a tendency to bid low and not anticipate unexpected costs, which adds to financial uncertainty and risk.
Before starting to build, the developer must conduct site assessments to determine what kind of foundations are possible and identify the scale of the project. The developer must consummate an agreement to sell the power it produces, identify a point of interconnection to the power grid, and then prepare a construction and operation plan, which is subject to further environmental review. All of that takes about five years, and it’s only the beginning.
For a project to move forward, developers may need to secure dozens of permits from local, tribal, state, regional and federal agencies. The federal Bureau of Ocean Energy Management, which has jurisdiction over leasing and management of the seabed, must consult with agencies that have regulatory responsibilities over different aspects in the ocean, such as the armed forces, Environmental Protection Agency and National Marine Fisheries Service, as well as groups including commercial and recreational fishing, Indigenous groups, shipping, harbor managers and property owners.
For Vineyard Wind I – which began sending power from five of its 62 planned wind turbines off Martha’s Vineyard in early 2024 – the time from BOEM’s lease auction to getting its first electricity to the grid was about nine years.
Costs can balloon during the regulatory delays
Until recently, these contracts didn’t include any mechanisms to adjust for rising supply costs during the long approval time, adding to the risk for developers.
From the time today’s projects were bid to the time they were approved for construction, the world dealt with the COVID-19 pandemic, inflation, global supply chain problems, increased financing costs and the war in Ukraine. Steep increases in commodity prices, including for steel and copper, as well as in construction and operating costs, made many contracts signed years earlier no longer financially viable.
New and re-bid contracts are now allowing for price adjustments after the environmental approvals have been given, which is making projects more attractive to developers in the U.S. Many of the companies that canceled projects are now rebidding.
Another significant hurdle for offshore wind development in the U.S. involves a century-old law known as the Jones Act.
The Jones Act requires vessels carrying cargo between U.S. points to be U.S.-built, U.S.-operated and U.S.-owned. It was written to boost the shipping industry after World War I. However, there are only three offshore wind turbine installation vessels in the world that are large enough for the turbines proposed for U.S. projects, and none are compliant with the Jones Act.
That means wind turbine components must be transported by smaller barges from U.S. ports and then installed by a foreign installation vessel waiting offshore, which raises the cost and likelihood of delays.
Dominion Energy is building a new ship, the Charybdis, that will comply with the Jones Act. But a typical offshore wind farm needs over 25 different types of vessels – for crew transfers, surveying, environmental monitoring, cable-laying, heavy lifting and many other roles.
For power to flow from offshore wind farms, the electricity grid also requires significant upgrades. The Department of Energy is working on regional transmission plans, but permitting will undoubtedly be slow.
Lawsuits, disinformation add to the challenges
Numerous lawsuits from advocacy groups that oppose offshore wind projects have further slowed development.
Despite the challenges, developers have reason to move ahead.
The Inflation Reduction Act provides incentives, including federal tax credits for the development of clean energy projects and for developers that build port facilities in locations that previously relied on fossil fuel industries. Most coastal state governments are also facilitating projects by allowing for a price readjustment after environmental approvals have been given. They view offshore wind as an opportunity for economic growth.
These financial benefits can make building an offshore wind industry more attractive to companies that need market stability and a pipeline of projects to help lower costs – projects that can create jobs and boost economic growth and a cleaner environment.
Brent crude oil is seeing a slight increase on Tuesday, priced around $83.57 per barrel. The market remains close to two-month lows, caught between optimism for a peaceful resolution to the Middle East conflict and concerns over crude oil inventories in the United States.
The primary focus in the stock market currently revolves around the ongoing negotiations between Israel and Hamas, facilitated by Egypt. However, these talks have hit an impasse, and there are renewed signs of conflict from both parties. Israel has expressed dissatisfaction, stating that the terms offered do not meet its demands, thereby complicating diplomatic efforts.
Despite these challenges, the ongoing conflict in the Middle East contributes to supporting energy prices due to fears of potential disruptions in raw material supplies. On the demand side, Saudi Arabia has recently increased its oil selling prices to Asian buyers, indicating an expectation of robust demand, particularly during the upcoming summer. This adjustment is often seen when a producer is confident about expanding demand, with Saudi Arabia likely counting on strong consumption from China, the world’s leading oil importer.
Brent technical analysis
On the H4 chart, Brent has achieved the local target of the growth wave at 91.50. The correction towards 82.70 is nearing completion, and we anticipate the formation of a consolidation range above this level. Should the price break upwards from this range, a new wave of growth towards $95.00 could be initiated. This bullish scenario is technically supported by the MACD indicator, which shows the signal line at the lows under the zero mark, indicating potential growth to new highs.
On the H1 chart, the structure of the fifth wave of correction to 82.70 has been formed. A consolidation range has developed above this level, and we expect a growth link to 84.44. Should this level be surpassed, it could open the potential for a growth wave to 85.70, which is the initial target. This technical outlook is corroborated by the Stochastic oscillator, with its signal line above 20 and prepared to ascend to 80.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
Brent crude oil prices have dropped to $83.95 per barrel on Thursday, marking the lowest level in seven weeks. This decline follows recent US statistics indicating a significant increase in crude oil inventories and production. According to the Department of Energy, inventories rose by 7.30 million barrels last week, contrary to the forecasted decrease of 2.3 million barrels. Additionally, February’s oil production escalated to 13.15 million barrels per day from January’s 12.58 million, the most substantial monthly increase in three and a half years.
These developments have provided bearish signals for the market, mirroring similar trends on the commodity platform.
Amidst falling oil prices, there is ongoing discussion about potential US actions to replenish their strategic hydrocarbon reserves, particularly if prices drop to $79.00 per barrel or below.
The oil market is also influenced by some stabilisation in the Middle East, with emerging hopes for a ceasefire between Israel and Hamas, facilitated by Egypt. This development has reduced the risk of a broader conflict in the region, contributing to the decrease in oil prices.
Brent technical analysis
On the H4 chart, Brent oil has formed a consolidation range around the $87.50 level, with the current correction wave extending downwards. The price has already reached $83.50, and a further stretch to $82.82 is possible. Upon completing this correction, a new wave of growth towards $88.60 is anticipated, potentially continuing to $95.00. This bullish scenario is supported technically by the MACD indicator, whose signal line is below zero, suggesting a forthcoming update of the lows.
On the H1 chart, a fifth correction structure is developing towards $82.72. Once this target is achieved, a growth phase to $88.58 is expected, marking the first target of the new growth wave. This outlook is corroborated by the Stochastic oscillator, with its signal line currently above 80 and poised to descend to 20.
Disclaimer
Any forecasts contained herein are based on the author’s particular opinion. This analysis may not be treated as trading advice. RoboForex bears no responsibility for trading results based on trading recommendations and reviews contained herein.
Technical Analyst Clive Maund shares an update on Revolve Renewable Power Corp. to explain why he believes now might be the time to buy this clean energy stock.
That didn’t happen, and it is now clear that the price wanted to mark out a larger base pattern, which it has now done by dipping early this month to form a Double Bottom with its lows of late last October.
Since it is now still close to the second low of the Double Bottom shown on the 18-month chart below this looks like another good point to buy or add to positions.
On the 7-month chart, we can see the entire period of the Double Bottom in much more detail. On this chart, we can see that although the stock hasn’t done much since we last looked at it and, in truth, is down a little, its technical condition has improved, with the price and its moving averages bunching more together in a manner that frequently precedes a new uptrend and momentum (MACD) trending gently higher.
The low early this month was marked by a prominent bull hammer, after which the price recovered off the second low of the Double Bottom on increased volume, which is bullish.
So, with the price still close to the second low of what is believed to be a Double Bottom, this is believed to be a good point to buy Revolve Renewable Power Corp. stock or add to positions.
Revolve Renewable Power Corp. (TSXV:REVV;OTCQB:REVVF) closed for trading at CA$0.25 at 1.30 pm EDT on April 26, 2024.
Important Disclosures:
Revolve Renewable Power Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Revolve Renewable Power Corp.
Author Certification and Compensation: [Clive Maund of clivemaund.com] is being compensated as an independent contractor by Street Smart, an affiliate of Streetwise Reports, for writing this article. Maund received his UK Technical Analysts’ Diploma in 1989. The recommendations and opinions expressed in this content accurately reflect the personal, independent, and objective views of the author regarding any and all of the designated securities discussed. No part of the compensation received by the author was, is, or will be directly or indirectly related to the specific recommendations or views expressed
Statements and opinions expressed are the opinions of the author and not of Streetwise Reports, Street Smart, or their officers. The author is wholly responsible for the accuracy of the statements. Streetwise Reports requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Any disclosures from the author can be found below. Streetwise Reports relies upon the authors to accurately provide this information and Streetwise Reports has no means of verifying its accuracy.
This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.
The above represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund’s opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund’s opinions on the market and stocks cannot be only be construed as a recommendation or solicitation to buy and sell securities.
