• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 6 hours WTI @ 67.50, charts show $62.50 next
  • 1 hour Mike Shellman's musings on "Cartoon of the Week"
  • 1 min Venezuela set to raise gasoline prices to international levels.
  • 6 mins Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 19 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 12 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 1 hour Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 6 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 4 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 3 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 15 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 15 hours California Solar Mandate Based on False Facts
  • 4 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
Alt Text

Oil Prices Jump As Saudis Cap Oil Supply

Oil prices rose on Tuesday…

Alt Text

Iran’s Latest Tactic To Save Market Share

Iran cut oil prices for…

Alt Text

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Shift In Production May Herald A Price Bottom

September Crude Oil

(Click Image To Enlarge)

Although September Crude Oil futures are set to finish the month sharply lower, the market is in a position to post a weekly closing price reversal bottom, which could fuel the start of a 2 to 3 week counter-trend rally and possibly more.

On Tuesday, July 28, crude oil reached a low at $46.68, but closed higher for the day. The subsequent reversal on the daily chart has put the market in a position to also form a potentially bullish closing price reversal bottom on the weekly chart. This will occur following a close over $48.14 on Friday.

A reversal bottom will not mean the trend is getting ready to change to up, but it could trigger the start of a 2 to 3 week rally. Beside the higher close, the market is also in a position to overcome a steep downtrending angle that has guided prices lower for seven weeks. This angle moving down $2.00 per week from the $62.51 main top, drops in at $46.51 this week. A sustained move above this angle will mean that momentum has shifted to the upside.

Crude oil is also in a position to overcome the previous bottom at $46.69. This level is important because overtaking this level could force short-sellers who sold a break down under this level to cover their positions. This will also signal a shift in momentum to the upside.

Based on the $62.51 to $46.68 range, the first upside target is a downtrending angle at $54.51. The primary upside target is its retracement…

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