• 5 minutes Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 9 minutes Sell out now or hold on?
  • 16 minutes Oil prices going down
  • 27 mins Oil prices going down
  • 11 hours When will oil demand start declining due to EVs?
  • 18 mins Could oil demand collapse rapidly? Yup, sure could.
  • 3 hours Sabotage at Tesla
  • 11 hours Oil and Trade War
  • 10 hours Trump Hits China With Tariffs On $50 Billion Of Goods
  • 11 hours venezuala oil crisis
  • 14 hours Russia and Saudi Arabia to have a chat on oil during FIFA World Cup - report
  • 15 hours Malaysia's Petronas vs. Sarawak Court Case - Will It End Up In London Courts?
  • 13 hours Sell out now or hold on?
  • 11 hours Germany Orders Daimler to Recall 774,000 Diesel Cars in Europe
  • 8 hours What If Canada Had Wind and Not Oilsands?
  • 15 hours Correlation Between Oil Sweet Spots and Real Estate Hot Spots
  • 7 hours The Wonderful U.S. Oil Trade Deficit with Canada
  • 21 hours Trump Renews Attack On OPEC Ahead Of Group's Production Meeting
  • 9 hours After Three Decade Macedonia End Dispute With Greece, new name: the Republic of Northern Macedonia
Alt Text

Was This Just A Temporary Pullback In Oil?

Technical analysis shows that despite…

Alt Text

Oil Sinks Deeper On OPEC Concerns

The oil price rally has…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Slowing Production May Hold Prices In Range

After reaching its highest level in three weeks and posting a higher close the week-ending June 12, August Crude Oil futures posted an inside move this week. Although the market is in a position to once again close higher for the week, the inability to take out last week’s high suggests yet more trader indecision.

The lack of upside momentum also suggests a possible shift in investor sentiment. Based on the short-term range of $64.12 to $56.88, it looks as if the next move will be determined by trader reaction to is 50% to 61.8% retracement zone at $60.50 to $61.35. Given the current set up on the weekly chart, a weekly close over $61.35 will be bullish and a weekly close under $60.50 will signal the presence of sellers.

For bullish traders, a sustained move over $61.35 could generate enough upside momentum to challenge the recent main top at $64.12. Taking out this top will signal a resumption of the uptrend. Two scenarios could take place if this occurs. 

(Click to enlarge)

The first scenario suggests that a breakout over $64.12 could lead to an eventual retracement into the major retracement zone at $72.75 to $78.42. The second scenario suggests a possible rally to $72.29 by the week-ending July 18.

A weekly close under $60.50 suggests a bearish scenario may be developing. If this leads to follow-through selling next week then look for sellers to go after the last swing bottom at $56.88. Taking out this bottom will change…

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