• 4 minutes England Running Out of Water?
  • 7 minutes Trump to Make Allies Pay More to Host US Bases
  • 10 minutes U.S. Shale Output may Start Dropping Next Year
  • 14 minutes Washington Eyes Crackdown On OPEC
  • 3 hours One Last Warning For The U.S. Shale Patch
  • 14 hours Russian Effect: U.S. May Soon Pause Preparations For Delivering F-35s To Turkey
  • 6 hours China's Expansion: Italy Leads Europe Into China’s Embrace
  • 11 hours Chile Tests Floating Solar Farm
  • 31 mins Poll: Will Renewables Save the World?
  • 3 hours China's E-Buses Killing Diesel Demand
  • 21 hours New Rebate For EVs in Canada
  • 3 hours Trump sells out his base to please Wallstreet and Oil industry
  • 12 hours Biomass, Ethanol No Longer Green
  • 13 hours Trump Tariffs On China Working
  • 1 day Boeing Faces Safety Questions After Second 737 Crash In Five Months
  • 1 day The Political Debacle: Brexit delayed
  • 19 hours 3 Pipes: EPIC 900K, CACTUS II 670K, GREY OAKS 800K
  • 15 hours Read: OPEC THREATENED TO KILL US SHALE
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 29th March 2013

Last week our work suggested that crude oil may have been closer to a bottom than a top because the Commitment of Traders report showed that small speculators were liquidating their long positions while large commercial traders were paring their short positions. The moves indicated that the market was going through a transition period and that sentiment may have been shifting back to the long side.

The aggressive buying during the last week in March is further confirmation that long traders were retaking control of market, setting up the possibility of additional upside action in April. The next Commitment of Traders report should confirm that buyers have regained control of the market.

The Nearby Monthly Crude Oil chart shows that the market posted a solid gain in March after reaching support on a Gann angle near $89.70. During April, this angle moves up to $90.92.


Click to enlarge.

Based on the main range of $116.14 to $80.92, a retracement zone has formed at $98.53 to $102.69. This zone is the next upside target.

Swing chart analysis indicates that the main trend is down, but that a move through $99.16 will turn the main trend to up on the monthly chart. Taking out both the 50% level at $98.53 and the swing top at $99.16 could provide the momentum the market needs to reach the Fibonacci level at $102.69. This is highly speculative but if new buyers continue to come into the market the idea of a strong rally during April can be supported.




Oilprice - The No. 1 Source for Oil & Energy News