• 4 minutes Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 9 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 17 minutes Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 2 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
  • 1 min Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 29 mins Tesla Closing a Dozen Solar Facilities in Nine States
  • 1 min Could Venezuela become a net oil importer?
  • 1 day Corruption On The Top: Netanyahu's Wife Charged With Misuse of Public Funds for Meals
  • 10 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 11 hours Why is permian oil "locked in" when refineries abound?
  • 5 hours Saudi Arabia turns to solar
  • 2 hours EU Leaders Set To Prolong Russia Sanctions Again
  • 14 hours Teapots Cut U.S. Oil Shipments
  • 14 hours Oil prices going down
  • 19 hours Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 15 hours Hot line, Macron: Phone Calls With Trump Are Like Sausages Best Not To Know What Is Inside
  • 2 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 1 day U.S. Withdraws From U.N. Human Rights Council
  • 15 hours Putin Says 'Fierce' U.S. Politics Hindering Summit With Trump
Alt Text

Oil Markets Unmoved By North Korea Summit

Today’s North Korea summit, and…

Alt Text

U.S.-China Trade War Will Hurt Shale Drillers

The latest escalation in the…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Markets Adjusting ‘’Violently’’ From 8 Week Plunge

September Crude Oil futures are poised to close higher for the week, signaling a shift in momentum back to the upside, after a prolonged move down in terms of price and time. The move didn’t come as a surprise since crude oil began the week eight weeks down from its June top. This put the market in the window of time for a potentially bullish closing price reversal bottom. It was also testing a major retracement zone and nearing an important bottom – all of the factors talked about in last week’s article that warned traders that price was too far ahead of time.

So the market is basically making an adjustment because it was moving down faster than $1.00 per week which is close to the normal rate of speed for a sell-off. Markets that accelerate to the downside in almost vertical fashion tend to reverse after sellers have exhausted themselves. Sometimes it’s orderly like the reversal currently taking place. And sometimes it’s violent.

To trade crude oil successfully, sometimes you have to set aside the stories and read the price action and order flow. Sometimes you have to get inside of the head of the short-sellers. When a market drops cleanly at a relatively quick speed like crude oil has done the past 8 weeks, it’s easy to get complacent. However, as with any profitable position, no one wants to go through a painful “giveback” of their open position profits.

So when a market hits a downside target zone, short-sellers…

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