Select a category

Crude oil futures are rising Monday after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) on Sunday extended their output cuts by one month.

Saudi Arabia and other members of OPEC+, which includes Russia, said they agreed to keep voluntary production cuts of around 2.2 million barrels per day for one month until the end of December. The output cut had already already been extended in September.

It didn’t give a reason for the decision to delay unwinding its voluntary cuts, but oil prices have been weak this year despite escalating tensions in the Middle East, pressured by China’s downbeat economy.

Last month, OPEC reduced its outlook for oil demand for 2024 and 2025, citing data received so far this year.

"This delayed supply increase means that maybe the group are more willing to support prices than many believe," ING said in a note referring to reports that some OPEC+ members weren't complying with the output cuts. "However, our balance continues to show that the market will be in surplus through 2025 unless OPEC+ continues with cuts through next year."

Brent crude futures are rising 2.5% to $75 per barrel Monday morning, while U.S. benchmark West Texas Intermediate Texas (WTI) futures are gaining 2.8% to $71.40.

Read more on Investopedia

A man has revealed what has happened to his friend since he got married.

The man said he has been dating more women than ever since he got married.

Continue reading on Instablog

Shares in paint maker Sherwin-Williams (SHW) are likely to remain in focus after jumping in extended trading Friday following news that the company will be included in the Dow Jones Industrial Average.

Sherwin-Williams will replace chemicals giant Dow Inc. (DOW) in the price-weighted index, which tracks 30 large companies. S&P Dow Jones Indices also announced that AI investor favorite Nvidia (NVDA) will replace struggling chipmaker Intel (INTC), with the changes taking effect prior to the start of trading on Friday.

Sherwin-Williams shares have gained around 15% since the start of the year as of Friday’s close, outpacing the DJIA’s return of about 12% over the same period. Although the company missed earnings estimates in its latest quarter, it has surpassed Wall Street’s expectations in the majority of the past 20 quarters, according to FactSet data, showcasing the paint maker’s long-term profitability.

The stock rose 3.4% to $370 in after-hours trading on Friday.

Below, we review the technicals on Sherwin-Williams' weekly chart and identify important price levels that investors may be watching.

Since topping out in late 2021, Sherwin-Williams shares carved out a textbook cup and handle, a bullish chart pattern that resembles a cup with a handle and signals a continuation of the stock’s longer-term uptrend.

Indeed, the shares broke out above the formation in mid-August, but have recently retraced towards the initial breakout point, potentially leading to a retest of the pattern's upper trendline.

Let’s use technical analysis to identify two important support levels on Sherwin-Williams chart and forecast a measured move price target.

The first support level to eye sits around $348, where the shares may encounter buying interest near the cup and handle's upper trendline, which may have flipped from a region of prior resistance into future support.

A failure by bulls to defend this important technical level could see the stock revisit lower support at the $283 level, currently just above the closely watched 200-week moving average.

Investors may seek entry points near a trendline in this area connecting a range of comparable price action on the chart between May 2021 and June this year.

To forecast a bullish price target, we can use the measured move technique, also known by chart watchers as the measuring principle.

This works by calculating the depth of the cup portion of the pattern and adding that amount to the formation's upper trendline. For instance, we add $155 to $348, which projects a measured move target of $503, an area where investors could take profits, especially given its proximity to a psychological round number.

Read more on Investopedia

Singer Crazeclown has shared his two cents on the trending ‘workout videos’ involving Equatorial Guinea’s financial crime chief and over 300 women.

He said, that equatorial Guinea’s minister is w#cked. The husbands of those women would find it hard to forgive because do you know the level of comfort you must have gotten with a man to let him record you?

Continue reading on Instablog