• 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 13 minutes Could Venezuela become a net oil importer?
  • 18 minutes Oil prices going Up? NO!
  • 24 mins The Tony Seba report
  • 9 mins Harley-Davidson "Made in EU"
  • 28 mins Could Venezuela become a net oil importer?
  • 5 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 hours Time Of Recession - China and Europe Are Warning That A Trade War Could Trigger A Global Recession
  • 5 hours Erdogan After Erdogan: New Presidential Mandate After Yesterday's Elections
  • 9 hours LNG Shortage on the Way
  • 5 hours The U.S. Will Soon Give North Korea a Timeline of 'Specific Asks
  • 15 hours Are Electric Vehicles Really Better For The Environment?
  • 15 hours Kenya Eyes 200+ Oil Wells
  • 13 mins China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 7 hours Sell out now or hold on?
  • 1 hour Could oil demand collapse rapidly? Yup, sure could.
  • 15 hours OPEC soap opera daily update
  • 2 hours Oil prices going Up? NO!
  • 3 hours Saudi Arabia plans to physically cut off Qatar by moat, nuclear waste and military base
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 3rd May 2013

June crude oil is set to close lower for the week after heavy selling pressure hit the market following a test of a major 50% price level at $94.66. The actual high for the week is $94.69. This 50% level has been mentioned for weeks since the main range was formed between $107.86 and $81.46. It is important because it represents the pivot price between bullish and bearish.

Currently, the pivot price is acting like resistance which means the market is trading on the bearish side. Investors will continue to sell rallies into this pivot as long as it holds as resistance. If speculators can sustain a rally above this pivot then look for a breakout into a downtrending trend line at $97.41. A move through the uptrend line at $92.32 will be a sign of weakness and could trigger a break into $90.30.


Click to enlarge.

Because of the lower-top, lower-bottom formation, the main trend is down. This means that the current rally is a counter-trend move. Since the main trend is down, professional traders are likely to continue to sell rallies. The swing chart suggests that a breakout over $98.06 will turn the main trend to up while a breakdown under $85.90 will reaffirm the downtrend.

Fundamentally, the market remains weak because of signs of sluggish growth in the U.S. and China. A slowdown in the economies of the world’s top two consumers is likely to mean a drop in demand and a rise in inventory.  The fact that U.S. crude oil stocks are at their…

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