• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 1 hour Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 3 hours Saudi Fund Wants to Take Tesla Private?
  • 2 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 8 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 5 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 hour China goes against US natural gas
  • 9 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 4 hours Corporations Are Buying More Renewables Than Ever
  • 18 hours Starvation, horror in Venezuela
  • 18 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 20 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 11 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 12 hours Film on Venezuela's staggering collapse
Alt Text

Turkey Turmoil Drags Oil Down

While Turkey might not be…

Alt Text

Iran’s Latest Tactic To Save Market Share

Iran cut oil prices for…

Alt Text

Oil Prices Hit 7-Week Low As Trade War Heats Up

Oil prices traded close to…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Saudi And US Production Up As Market Volatility Continues

Crude Oil Outlook

April Crude Oil futures failed to follow-through to the upside this week and are likely to finish the week lower. Although the market briefly penetrated last week’s high, it remained inside the range formed the week-ending February 6. Consecutive inside moves on the weekly chart typically indicates impending volatility. This assessment makes $55.05 the potential breakout level to the upside and $47.47 the potential breakdown level. Remaining inside this range will indicate trader indecision.

Crude oil is currently being controlled by two factors, the fund traders and supply. Aggressive hedge and commodity funds are looking for any excuse to trigger a breakout to the upside, but the bearish supply fundamentals continue to prevent this move from taking place.

The fund traders probably want out of their short-positions because they see the upside potential of a solid short-covering rally. It is difficult to assess the downside potential of the market because the target numbers being tossed around at this time like $25.00 or $10.00 crude oil don’t seem to be realistic. They may be more comfortable with the “known” rather than the “unknown”.

Looking at the daily chart, the “known” objective is the 50% level at $61.06. Although the market recently stopped breaking at $44.37, the next potential support level is basically “unknown” since traders aren’t sure if it will come in…

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