• 5 minutes 'No - Deal Brexit' vs 'Operation Fear' Globalist Pushback ... Impact to World Economies and Oil
  • 8 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 12 minutes Will Uncle Sam Step Up and Cut Production
  • 37 mins Trump cancels Denmark visit amid spat over sale of Greenland
  • 35 mins Iran Is Winning Big In The Middle East
  • 53 mins Nor Chicago, nor Detroit: Killings By Police Divide Rio De Janeiro Weary Of Crime
  • 7 hours Not The Onion: Vivienne Westwood Says Greta Thunberg Should Run the World
  • 19 hours Danish Royal Palace ‘Surprised’ By Trump Canceling Trip
  • 2 hours Strong, the Strongest: Audi To Join Mercedes, BMW Development Alliance
  • 9 hours OPEC will consider all options. What options do they have ?
  • 19 hours A legitimate Request: France Wants Progress In Ukraine Before Russia Returns To G7
  • 23 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 22 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 5 hours With Global Warming Greenland is Prime Real Estate
  • 10 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 14 hours What to tell my students
Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

What The Market Is Overlooking In The Occidental Deal

Occidental Petroleum has caught a…

Jason Sen

Jason Sen

Jason Sen began his career at the age of 19 in the options pits, market making his own account as a ‘local’ on the trading…

More Info

Premium Content

Technical Review of the Energy Markets – 2nd April 2013

Brent Crude formed a bullish inverse head & shoulders as hoped & we made it all the way to our measured target of 111.20/50. We suggested to exit all longs here & try shorts with a stop above 111.95. The market has now topped at 111.33 so this has all worked perfectly.

Support at 110.78 is being tested now but we could continue lower to the next support at 110.40/30. Watch for a low for the day here but if trying longs we need a stop below 110.10 for 109.88 then 109.64. We should see a good bounce from here but longs need a stop below 109.35.

Brent Update - 02.04.13
Click to enlarge.

WTI Crude hit strong 6 month trend line resistance at 97.35 but over ran to 97.80. We did fall back very quickly from here and closed below the trend line. The market could have topped out now after the 1 month rally and we look for 96.39 today. Below here we have good support at 95.85 which held yesterday & could again today. However any longs here need a stop below 95.50 for continued losses down towards 94.82/65. We should see a good bounce from here so worth exiting shorts & trying longs with a stop below 94.35.

Resistance at 97.00/10 but above here a chance to retest 97.35 & possibly even 97.70/80. We should run in to sellers at these higher levels so we can try shorts again with a stop above 98.10.

WTI update - 02.04.13
Click to enlarge.

By. Jason Sen




Download The Free Oilprice App Today

Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play