• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 3 hours Science: Only correct if it fits the popular narrative
  • 3 hours Crazy Stories From Round The World
  • 11 hours What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 16 hours EU has already lost the Trump vs. EU Trade War
  • 9 hours China's Renewables Boom Hits the Wall
  • 1 day ''Err ... but Trump ...?'' *sniff
  • 50 mins Do The World's Energy Policies Make Sense?
  • 10 hours Forget out-of-date 'dirty oil' smear, Alberta moving to be world's cleanest oil industry
  • 1 day Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 3 hours Impeachment Nonsense
  • 1 day Tesla Launches Faster Third Generation Supercharger
  • 16 hours Water, Trump, and Israel’s National Security
  • 2 days Passerby doused with flammable liquid and set on fire by peaceful protesters

Breaking News:

Russia Plans To Boost Crude Oil Exports

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Bears Versus Bulls, Can This Rally Hold?

Now that June Crude Oil futures have cleared more than a few hurdles on the daily and weekly charts, it’s time to take a look at where it stands on the weekly chart to get an idea of its strength and to identify potential resistance areas. 

(Click to enlarge)

According to the monthly swing chart, the main trend is still down. However, the three month rally indicates that momentum has shifted to the upside.

The main range is $65.93 to $30.79. Its retracement zone at $48.36 to $52.51 is the primary upside target. A long-term downtrending angle passes through this zone in April at $50.59 and in May at $48.59, making it a valid upside target also.

Since the main trend is down, we expect to see sellers show up on a test of $48.36 to $52.51. The selling could come from new shorts or established longs booking profits.

Bearish traders are going to try to produce a new lower top inside this zone. This is not necessarily a bad thing because in my opinion, the market needs to make one more correction and form a higher bottom in order to solidify its support base.

Buyers are going to try to drive the market through this zone, but this is likely to be triggered by aggressive short-covering rather than new positions. I don’t believe that professionals are going to chase this market higher given the fragile supply/demand situation.

If there is a spike move through $52.51, for example, it will probably set up a great shorting…




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