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WTI Oil Price Falls Below $70 Again

The WTI Oil Price has maintained its price above $70 since mid-June until the price crossed below $70, reaching $65.24 in July. There have been rising cases of Covid-19 in some countries, which has resulted in some countries going back to lockdown. The Delta Variant of Covid-19 has been reported to be spreading like wildfire.  

$CL’s price peaked this year at $76.91. The last time price of crude oil reached $76.91 was October 2018. The global lockdown in 2020 made the price of Crude Oil fall to negative prices. Could it be that the increasing cases of Covid-19 across the world are responsible for the fall in the price of crude oil? Only time will tell, with some countries are re-entering another phase of lockdown. 

Despite vaccines being administered, many countries are back to lockdown. Full-time jobs lost in 2020 were around 400 million. Many economies are yet to recover from the challenges faced during the lockdown. Palliatives were distributed to citizens in developed countries, while underdeveloped countries faced the reality of life as many people starved. The world cannot afford another lockdown and there might be an increased number of depressed people if another lockdown is introduced globally.

RSI shows 3 different cases where the price of crude oil has been overbought in June 2021. This could be a strong indication of a possible reversal to the strong support level of $57.82. However, this month of August has already started on a bearish note with two bearish daily candlesticks.

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MICROSOFT CURRENTLY RANGING AROUND THE ALL-TIME HIGH

In the early trading days in 2018, Microsoft’s share price broke out comfortably above $100. And since then, the price is yet to reverse toward $100. The bull run continued until February 2020 when the price reached $190.82. As at that time, a resistance level was formed around $190.82, which lasted for about 3 months, as the support level was $134.07 in March 2018. This correction was the longest one since 2018, which was about 29.7%. The next rally after the correction has made a price of $MSFT attain $281.11 price.

Over the years, $MSFT has been investing hugely in products with Augmented reality and Virtual reality. These investments could be the major reason for the bullish run in the past few years. The most recent all-time high was reached at $281.11, on the 7th of July. The chart has the majority of higher low and higher highs patterns. Since the beginning of June 2020, RSI has shown many levels where price has been overbought.

A reversal could occur as a gap down and a gap up was shown on the chart when the price was below $250. A higher low might begin, which might push the price lower to reach $262.03. Also, many stocks are currently at the all-time high or ranging around the all-time high.

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Google Reached An All-Time High

The share price of google at the beginning of 2021 was $1341.91. The bulls have been pushing the price upwards since March 2020, when the price was at $1021. Since the bullish trend started in March 2020, $GOOG has generated over 152%. There have several all-time highs in the last year. This might lead to a price reversal. Google has new products with augmented reality, this could have been the reason for the continuous bullish movement.  Google is currently at an all-time high of $2574.38, the price might reverse with obvious indications on the chart.

The RSI has shown at least three major levels of the price being overbought since the beginning of the year. On the chart, there was a correction that occurred in May 2021, after which the price rallied to a new all-time high at $2574.38. Price tried to touch the middle Bollinger band line before a continued rally, this could be an indication for a possible reversal in price to a new support level at $2331.24. As we await the $GOOG earnings report on the 29th of July, the candlestick for July might be a bearish one with these indications.

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MICROSOFT REACHED AN ALL-TIME HIGH, PRICE MIGHT REVERSE.

The monthly chart shows that $MSFT has indeed enjoyed a bull run since 2009. That’s about a 2,000% gain in the last 12years. Despite Bill Gate stepping down from being a member of the board at Microsoft, the share price of $MSFT has continued to increase. In March 2020, the month Bill Gate resigned from being a Board member at Microsoft, the share price of $MSFT closed at $157.60, which means the appreciation was about 72%.

In the past, there have been several all-time highs with minimal reversals. The current share price of $MSFT is at an all-time high at $271.77. There are indications showing that there might be a reversal to the downside, to new support at $249.04. That shows that about 9% might be lost from the current price of $MSFT at $271.77.

RSI has shown 3 obvious levels that price has been overbought. In April, the all-time high was at $263.03, after which a correction occurred which made the price reach $238.11. Price is currently at the upper region of the Bollinger bands. In the month of June, the price touched the middle line of the Bollinger Bands two times.  This might be an indication of a possible reversal.

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COINBASE IS CURRENTLY BASING

Coinbase Global ($COIN), which operates, as a cryptocurrency exchange platform, debuted as a public stock in mid-April. At this time, many cryptocurrencies became even more volatile and saw a significant drop in price. Coinbase was founded in June 2012 by Brian Armstrong, a former Airbnb engineer. Armstrong enrolled in the Y Combinator start-up incubator program and received a $150,000 cash infusion.

Since the Coinbase stock debuted publicly, it has been on a downtrend. The share price opened at $381, the intraday high was at $429.54, and then traded as low as $310. The current chart of $COIN is just a good representation of lower lows and lower highs since it was listed. The support level has been maintained at $216.78 since mid of May 2021. Since this May, the price has been ranging between $216.78 and $247.99.

On the RSI, there have been many instances of the price being oversold. Price is currently on the lower region of the Bollinger bands. A breakout to the upside at the breakout level line on the chart might push the price to $300. The crackdown on Crypto in China might have caused the price of $COIN to drop.

However, cryptocurrency has been believed by a few people as the currency of the future.

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ETSY SHARE PRICE IN A RANGE

ETSY made its stock market debut on April 16, 2015, with an initial public offering of $16 per share. Etsy was able to sell 13.3 million shares at the time. Since the launch, ETSY has appreciated in value by about 15X.  Put into real perspective, If $1million was invested in $ESTY in 2015, the current value should be over $14million.

ESTY has maintained a bullish run in the past 6years, reaching an all-time high at $252.53.  However, Since the all-time was attained, the price has started to dip. A head and shoulder pattern has been formed between February and April of this year, which brought about a range between $190 and $252.

After the head and shoulder pattern has been formed, there came a dip which made the price reach $153. Since the price fell from an all-time high at $252, $ETSY has lost 39% of its share price. Since the beginning of May 2021, $ETSY price has been between $153.80 and $176.50. Indications show there would be a breakout soon. To the downside or to the upside? There are chances price might appreciate towards $200 in the coming weeks. Business Insider has opined that the next coming month might be bullish for $ETSY( ). Since the recent dip in price, RSI has signaled that the price has been oversold.

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THE NEXT CRYPTO BULL RUN: BITCOIN AND ETHEREUM

Since Bitcoin was launched in 2009, price has maintained a strong bullish movement with about 410,000% gain, from $0.09 in 2009 to its current price at $36,700. The current $BTC market capitalization stands at $678Billion.  Ethereum, on the other hand, is the second largest crypto with current market capitalization at $299Billion after its launch in 2015.

This signifies that most crypto assets are less than a decade. Ethereum has since its inception has been publicly accepted by Crypto traders and investors. Hence, the reason for the bullish movement. Just like other markets, the crypto market is a bull and bear market. High leverage usage must have wiped off some accounts due to greed. Currently, the crypto market is about $1.62Trillion with Bitcoin and Ethereum having over 61% of the market share. There are other thousands of cryptos newly introduced e.g. Ripple, Dash, Tether, Litecoin, Cardano etc. all of these make up the remaining 39% share of the crypto market.

Bitcoin, in June 2020, was below $10,000. As at today, Bitcoin is above $36,000. Ethereum in June 2020 was below $300, the price of Ethereum today stands at $2,600. In the last one year, Ethereum has done far better than Bitcoin in investment gains. Both Bitcoin and Ethereum reached an all-time high in 2021. Ethereum reached $4,370 in may 2021 and Bitcoin reached $63,000 in March 2021. With Bitcoin and Ethereum having 61% of the total crypto market, they both have a major influence in the price movement of other coins. The increased acceptability of Bitcoin and Ethereum will determine the acceptability of other coins.

After the all time high was reached in March 2021 at $63,000, price was almost halved after it reached $31,200.

About $30,000 was wiped out in the price of Bitcoin last month, which made it the worst month in Bitcoin history with 41% lost from the highest price. Bitcoin has a very strong resistance at $43,980, a bullish breakout from this level might result in a fake out as price on the weekly chart is currently in the lower region of the Bollinger bands. The recent dip affected most of the assets in the Crypto market. Price of $BTC might rally towards $44,000, but the bears might push the price lower to reach $19,000.  If a dip occurs, this will reflect in the prices of other cryptos. The next dip might also push price of Ethereum to $1,500.

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CRUDE OIL PRICE IN A RANGE

Since the ease of lockdown across different nations, oil price has been on a bull run. Price reached the highest level at $68.05 in March 2021. The last time price reached this level was in October 2018, before the pandemic.

The pandemic caused the price of CL_F to fall to negative prices. There were expectations that the price would rise before the pandemic and we wrote an article on the expected rally in oil price. The article published in 2019, says price could reach $69 per barrel. Using the daily and weekly chart, it was expected, but the pandemic brought about a reversal in price.  However, in March 2021, the price reached $68.05.

The opening price of Oil in 2021 was at $47.20. Oil price was able to appreciate by over 44% this year. Since the price reached the highest level of $68.05 in 3years, price has been in a range. This could mean that $CL_F is consolidating. There are key pointers indicating that this is as a result of increase in Covid-19 variants which poses fresh threats.

Further pointers show the current oil price being greatly affected by a new disease named –Black Fungus linked with Covid-19 patients. Since March 2021, the ranging price of Oil has been between $57.28 and $68.05. Though price has been retesting more of the resistance level at $68.05.

RSI at three instances show that price has been overbought since December 2020. A reversal in price might occur, which might bring the price to $57.70 in a few weeks or months. Despite price movement in the lower region of the Bollinger bands at two times in the last 3 months, price is back to the higher region in the daily time frame.

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JP MORGAN CHASE MIGHT REACH A NEW ALL TIME HIGH

The lowest price of JPM in the last one decade was at $27.71.  In contrast, the current all-time high of JP Morgan chase was reached on the 18th of May 2021 at $165.43. JPM has done about 6X in the last one decade and still looks promising.

Recall, there was a sharp drop in price from $140.48 to $76.52 in 2020. After the correction, a strong support was formed around the price level at $76.52 in March 2020. Since then, monthly candlestick has continued to indicate the full strength of the bulls. In This year alone, $JPM has done over 26.3%.

A gap down occurred in the price of $JPM on the same day of the all-time high. The gap down might be closed with a bullish movement. RSI in the last two months has shown that price has been overbought.

Could this be an indication for a reversal in the price of $JPM? There has been a bullish squeeze since the gap down and a new resistance formed at $164.65. A continuous bullish movement might push price above the resistance level. A breakout of the resistance level might push price to a new all-time high above $165.43.

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WILL BITCOIN PRICE EVER REACH $60,000 AGAIN?

This is the big question begging for answers in the heart of many traders and investors.

In the past, there had been many speculations predicting the price of Bitcoin to reach $100,000. Attempting to hit that $100,000, BTC reached the all-time high at $61,000 in March 2021. Since then, price has been retesting around $61,000.

Using the daily Chart, BTC in the past shows that price has been overbought. There are over 4 instances of price being overbought on the RSI with the bulls pushing price from $3,940 in March 2020 to $61,000 in March 2021. BTC has been able to do 15X since March 2020. The weekly time frame revealed the bull dominance since the beginning of the year 2020.

As it stands, the weekly charts show strong bearish dominance which might last for about a year or more. As price could not break the resistance level of $61,000 to the upside, throughout the month of May 2021, price has been ranging between resistance Level 1 and resistance level 2.

Yesterday, price was able to break the support level at $43,680. Many blamed Elon Musk for dumping the use of Bitcoin to purchase Tesla earlier in the week, which might have made $BTC to dip. The current price of $BTC is below $40,000, with the price of $BTC finding a new resistance around $43,680. A continuous dip might push price to $19,000.There is currently no bullish opportunity on the chart. A breakout of price to the upside, above resistance level 2 might push price upwards. However, the breakout might be a fake one.

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