• 3 minutes China has *Already* Lost the Trade War. Meantime, the U.S. Might Sanction China’s Largest Oil Company
  • 7 minutes Saudi and UAE pressure to get US support for Oil quotas is reportedly on..
  • 11 minutes China devalues currency to lower prices to address new tariffs. But doesn't help. Here is why. . . .
  • 15 minutes What is your current outlook as a day trader for WTI
  • 49 mins Domino Effect: Rashida Tlaib Rejects Israel's Offer For 'Humanitarian' Visit To West Bank
  • 50 mins In The Bright Of New Administration Rules: Immigrants as Economic Contributors
  • 12 hours Trump vs. Xi Trade Battle, Running Commentary from Conservative Tree House
  • 11 hours Movie Script: Epstein Guards Suspected Of Falsifying Logs
  • 1 day Will Uncle Sam Step Up and Cut Production
  • 3 hours Continental Resource's Hamm (Trump Buddy) wants shale to cut production.Can't compete with peers. Stock will drop in half again.
  • 19 hours Gretta Thunbergs zero carbon voyage carbon foot print of carbon fibre manufacture
  • 2 days Significant: Boeing Delays Delivery Of Ultra-Long-Range Version Of 777X
  • 11 hours US Petroleum Demand Strongest Since 2007
  • 1 day NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
  • 2 days Why Oil is Falling (including conspiracy theories and other fun stuff)
  • 52 days To be(lieve) or Not To be(lieve): U.S. Treasury Secretary Says U.S.-China Trade Deal Is 90% Done
Alt Text

This Supermajor Is Leading The Energy Sector

This supermajor has been standing…

Alt Text

How To Play A Recovery In Oil Prices?

A realistic correction in the…

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 – 3rd April 2013

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 for the second day & 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 - 03.04.13
Click to enlarge.

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 111.79 so this has all worked perfectly for the second time.

We broke support at 110.40/30 & fell as far as 110.10. Today 110.00/90 could hold the downside again but be ready to go with a break lower looking for 109.55/35. We should see a good bounce from here but longs need a stop below 109.00.

Brent Update - 03.04.13
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