• 6 minutes Corporations Are Buying More Renewables Than Ever
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 23 minutes Starvation, horror in Venezuela
  • 9 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 days Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 day Renewable Energy Could "Effectively Be Free" by 2030
  • 1 day Saudi Fund Wants to Take Tesla Private?
  • 2 hours China goes against US natural gas
  • 2 days Mike Shellman's musings on "Cartoon of the Week"
  • 2 days Venezuela set to raise gasoline prices to international levels.
  • 2 days The Discount Airline Model Is Coming for Europe’s Railways
  • 2 days Pakistan: "Heart" Of Terrorism and Global Threat
  • 2 days Are Trump's steel tariffs working? Seems they are!
  • 9 hours Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 3 days Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 1 day Why hydrogen economics does not work
Alt Text

Something Strange Is Happening In The Saudi Oil Patch

According to Bloomberg, Saudi Arabia…

Alt Text

Goldman Sachs Expects “Very, Very Tight” Oil Market

Investment bank Goldman Sachs warns…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

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.

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





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