• 4 minutes What If Canada Had Wind and Not Oilsands?
  • 8 minutes EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 17 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 8 hours Kaplan Says Rising Oil Prices Won't Hurt US Economy
  • 17 hours Tariffs to derail $83.7 Billion Chinese Investment in West Virginia
  • 2 hours Could oil demand collapse rapidly? Yup, sure could.
  • 3 hours U.S. Withdraws From U.N. Human Rights Council
  • 1 hour Saudi Arabia turns to solar
  • 17 hours EU Confirms Trade Retaliation Measures vs. U.S. To Take Effect on June 22
  • 1 hour "The Gasoline Car Is a Car With a Future"
  • 3 hours Gazprom Exports to EU Hit Record
  • 49 mins What If Canada Had Wind and Not Oilsands?
  • 3 hours OPEC Meeting Could End Without Decision - Irony Note Added from OPEC Children's Book
  • 21 hours North Korea, China Discuss 'True Peace', Denuclearization
  • 17 mins Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 7 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 21 hours WE Solutions plans to print cars
  • 1 day Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 14 hours EVs Could Help Coal Demand
Alt Text

Goldman: Expect Another Bull Run In Oil

While oil prices are tumbling,…

Alt Text

Iran: Oil Prices Could Jump To $140 On U.S. Sanctions

Iran’s OPEC governor Hossein Kazempour…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

A Good Sign For Bullish Traders… With A Catch

October Crude Oil

Technical Analysis

(Click Image To Enlarge)

October Crude Oil futures are in a position to finish the week higher after an impressive follow-through rally, following last week’s potentially bullish closing price reversal bottom chart pattern. Although the main trend is still down according to the weekly chart, the chart pattern indicates a shift in momentum to the upside.

If the rally continues then look for crude oil to test the first two objectives at $50.20 and $51.25. Since the trend is down, sellers are likely to come in following a test of this zone. If the buying is strong enough to continue the move, then the rally may extend into $53.14 to $54.43.

The first rally after a prolonged move down is usually short-covering. Buyers don’t usually come in until a support base is established. The initial rally was $37.75 to $49.33. Early last week, the market tested its retracement zone at $43.54 to $42.17. There was a strong technical bounce on a test of this zone, suggesting that aggressive buyers may have enough to support the market.

This is a good sign for bullish traders, however, the market may test the short-term retracement zone several times before a solid support base forms. In the meantime, crude oil may bounce between $43.54 and $50.20 while the bulls and the bears battle it out for control.

A failure to hold $42.17 will signal that sellers have regained control. In this case, buyers…

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