Today is Thursday, the 21st of May, and we're back to discuss the oil market. I'm going to try to show you what a correction looks like and how to break out of it on the upside.

The Fed is ready to hike if inflation stays above 2%, but the dollar pulled back. Brent is falling on US–Iran talks. Gold is pressured by Russian sales — reserves at a 4-year low.

Crypto market rising across the board: cap up 1.3% to $2.59T, rebounding from the 50-day MA. BTC at $78K for the third day running; Zcash (+14%) and Dash (+8%) lead.

WTI crude oil: ⬇️ Sell – WTI crude oil reversed from resistance zone – Likely to fall to support level 95.00 WTI crude oil recently reversed from the resistance zone between the pivotal resistance level 105.00 (which has been reversing.

Amazon: ⬆️ Buy – Amazon reversed from support zone – Likely to rise to resistance level 276.00 Amazon recently reversed up from the support zone between the pivotal support level 257.00 (former multi-month high from October) and the lower daily Bollinger Band..

Palladium : ⬆️ Buy – Palladium reversed from support zone – Likely to rise to resistance level 1450.00 Palladium recently reversed up from the support zone between the key support level 1350.00 (which has been reversing the price from October) and the.

USDCHF: ⬆️ Buy – USDCHF broke daily Triangle – Likely to rise to resistance level 0.7920 USDCHF currency pair recently broke above resistance trendline of the daily Triangle chart pattern from the start of March. The breakout of this Triangle should accelerate.

Rising bond yields threaten tighter policy and weaker oil demand. The US is boosting exports while China cuts refining, adding pressure on Brent.

Treasury yields are drawing capital into the dollar from equities. Verbal interventions and expectations of a BoJ rate hike have supported the yen.

Bitcoin is holding its 50-day MA at $76K, with the market hovering around $2.56T. Ethereum has broken through support, pulling back to $2.1K below the 200-week MA. Retail demand for BTC has fallen by 73% over the month.

Exxon: ⬆️ Buy – Exxon broke key resistance level 155.00 – Likely to rise to resistance level 165.00 Exxon recently broke above the key resistance level 155.00 (top of the previous intermediate impulse wave (1) from the end of April). The breakout.

Qualcomm: ⬇️ Sell – Qualcomm falling inside sharp downward correction b – Likely to test support level 185.00 Qualcomm recently fell sharply after the price failed to hold the ground above the key resistance level 240.00 (former yearly high from.