WTI Light Crude OilShort
WTI Likely to fall to support level 74.00
#WaveAnalysis
#WTI crude oil reversed from resistance level 78.00
Likely to fall to support level 74.00
WTI crude oil recently reversed down from the pivotal resistance level 78.00 (former support from August, which has been reversing the price from November), intersecting with by the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from September.
The downward reversal from the resistance level 78.00 stopped the previous impulse waves 3 and (3).
Given the improvement of the global risk sentiment, WTI crude oil can be expected to fall further to the next support level 74.00.
🇺🇸a Major Merger Announced in US Oil and Gas Sector
Diamondback Energy and Endeavor Energy Resources, two prominent US oil and gas companies, are nearing finalization on the terms of their merger.
According to The Wall Street Journal, an official announcement from Diamondback regarding the merger could come as early as today. The deal encompasses a combination of share exchanges and cash transactions. The majority ownership of the resulting merged entity will be held by Diamondback shareholders, given Diamondback's approximate market capitalization of $27 billion. Endeavor's valuation in the merger is estimated to be around $25 billion.
Notably, other contenders, including ConocoPhillips, were also vying to merge with Endeavor.
Endeavor stands out as a highly coveted asset in the Permian Basin, spanning across Texas and New Mexico. The Permian Basin is recognized as the largest oil-rich basin in the United States, boasting extensive shale oil reserves.
If the merger successfully materializes, the combined company would rival ConocoPhillips in terms of field acreage within the basin. Additionally, its projected oil production could surpass 400,000 barrels per day (bpd).
#WTI crude oil reversed from resistance level 78.00
Likely to fall to support level 74.00
WTI crude oil recently reversed down from the pivotal resistance level 78.00 (former support from August, which has been reversing the price from November), intersecting with by the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from September.
The downward reversal from the resistance level 78.00 stopped the previous impulse waves 3 and (3).
Given the improvement of the global risk sentiment, WTI crude oil can be expected to fall further to the next support level 74.00.
🇺🇸a Major Merger Announced in US Oil and Gas Sector
Diamondback Energy and Endeavor Energy Resources, two prominent US oil and gas companies, are nearing finalization on the terms of their merger.
According to The Wall Street Journal, an official announcement from Diamondback regarding the merger could come as early as today. The deal encompasses a combination of share exchanges and cash transactions. The majority ownership of the resulting merged entity will be held by Diamondback shareholders, given Diamondback's approximate market capitalization of $27 billion. Endeavor's valuation in the merger is estimated to be around $25 billion.
Notably, other contenders, including ConocoPhillips, were also vying to merge with Endeavor.
Endeavor stands out as a highly coveted asset in the Permian Basin, spanning across Texas and New Mexico. The Permian Basin is recognized as the largest oil-rich basin in the United States, boasting extensive shale oil reserves.
If the merger successfully materializes, the combined company would rival ConocoPhillips in terms of field acreage within the basin. Additionally, its projected oil production could surpass 400,000 barrels per day (bpd).
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