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Oil futures are attempting to recover toward the $90 level, which remains a significant area of focus for traders.
James Stanley notes that the current chart pattern shows higher lows and persistent resistance, forming an ascending triangle. He identifies $95, $98, and $100 as important resistance levels for potential follow-through in oil prices.
The technical dynamics in oil futures highlighted here align with patterns previously observed in currency markets, such as the breakout setup tracked in USD/CAD's surge to 1.3700. Relatedly, recent price action recalls Stanley’s forecasts on USD/JPY volatility, where caution by the Ministry of Finance has also underscored the importance of resistance levels and market intervention signals.