• 4 minute Hey Oil Bulls - How Long Till Increasing Oil Prices and Strengthening Dollar Start Killing Demand in Developing Countries?
  • 8 minutes Could oil demand collapse rapidly? Yup, sure could.
  • 15 minutes Oil and Trade War
  • 5 hours Could oil demand collapse rapidly? Yup, sure could.
  • 10 hours Are EVs Safer Than Combustion Engine Vehicles?
  • 7 hours What If Canada Had Wind and Not Oilsands?
  • 1 hour U.S. Withdraws From U.N. Human Rights Council
  • 9 hours Russia, Saudi Push For Big Hike In Oil Output Despite Iran Opposition
  • 32 mins Gazprom Exports to EU Hit Record
  • 9 hours Oil prices going down
  • 13 hours Sell out now or hold on?
  • 13 hours Migrants: Italy Wants EU Border Agency In Africa, Not At Sea
  • 15 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 14 hours Nopec Sherman act legislation
  • 8 hours Australia mulls LNG import
  • 2 hours Lloyd's of London excludes coal
  • 2 hours EVs Could Help Coal Demand
  • 8 hours Oil and Trade War
  • 9 hours WE Solutions plans to print cars
Alt Text

Was This Just A Temporary Pullback In Oil?

Technical analysis shows that despite…

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…

Editorial Dept

Editorial Dept

More Info

Trending Discussions

Oil Market Forecast & Review 27th December 2013

February crude oil futures continued the rally it began several weeks ago at $92.10. Based on the break from $106.22 to $92.10, the market has already retraced more than 50% of this range. The retracement zone target at $99.16 to $100.82 could slow down the rate of ascent, but so far it doesn’t look like the move is attracting fresh shorting pressure despite the downtrend on the weekly chart.

The main trend will change to up on a trade through $102.52. A trade through $92.10 will reaffirm the downtrend. Because of this, one has to assume that the current move is still being driven by short-covering rather than fresh buying. How the market reacts inside this zone will determine the strength of the trend over the near-term.

Last week, the market broke through a downtrending Gann angle from the $106.22 top, moving  .50 per week. This week, the market confirmed the move when it held above the angle, currently at $97.72.

Besides the move to the strong side of the downtrending angle and the 50% level, the market is currently in a position to test an angle moving up $2.00 per week. This angle is at $100.10 this week and $102.10 next week. Overtaking this angle will mean that upside momentum is increasing.

A failure to overcome the angle as well as the retracement zone will mean that upside momentum is slowing and that the market is getting ready to roll over to the downside. The nearest support angle is at $96.10 this week and $97.10 the next.…

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