• 6 minutes U.S. Shale Oil Debt: Deep the Denial
  • 12 minutes Knoema: Crude Oil Price Forecast: 2018, 2019 and Long Term to 2030
  • 17 minutes WTI @ $75.75, headed for $64 - 67
  • 1 hour Nucelar Pact/Cold War: Moscow Wants U.S. To Explain Planned Exit From Arms Treaty
  • 4 hours Trump vs. MbS
  • 18 mins Why I Think Natural Gas is the Logical Future of Energy
  • 10 hours Can “Renewables” Dent the World’s need for Electricity?
  • 4 hours Get on Those Bicycles to Save the World
  • 1 day The Dirt on Clean Electric Cars
  • 10 hours Satellite Moons to Replace Streetlamps?!
  • 24 hours Owning stocks long-term low risk?
  • 4 mins A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 2 days The end of "King Coal" in the Wales
  • 13 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 4 hours Can the World Survive without Saudi Oil?
  • 33 mins Long-Awaited Slowdown in China Exports Still Isn’t Happening
Alt Text

What’s Next For Oil Prices?

Oil markets will continue to…

Alt Text

Goldman Sachs: Oil Unlikely To Reach $100

Goldman Sachs’ chief commodities analyst…

Alt Text

Oil Experts Divided As Iran Sanctions Loom

The world’s top oil trading…

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