• 3 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 6 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 11 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 14 minutes Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 24 mins Shale Oil Fiasco
  • 6 hours USA v China. Which is 'best'?
  • 16 mins Everything you think you know about economics is WRONG!
  • 6 hours Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 2 hours My interview on PDVSA Petrocaribe and corruption
  • 15 hours Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 7 hours Quotes from the Widowmaker
  • 1 day True Confessions of a Billionaire
  • 6 hours Global Debt Worries. How Will This End?
  • 13 hours Petroleum Industry Domain Names
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 11th October 2013

December Crude Oil finished flat for the week after posting a potentially bullish closing price reversal bottom last week. Traders failed to confirm the chart pattern because of the indecision created by the government shutdown.

While the shutdown has been bearish for the dollar, it hasn’t created a bullish tone in the market. This may be because of the concern that a prolonged shutdown would mean lower demand for crude oil since it is expected to slow economic growth. In addition to the shutdown, investors are also worried about the potential impact on demand by a government default. As the week-ended, however, prices stabilized as investors became more optimistic of an end to the shutdown and the raising of the debt ceiling.

Technically, the closing price reversal bottom the week-ended October 4 has stabilized crude oil prices. This is a potentially bullish chart pattern, but the key to its success is the confirmation. If the chart pattern is confirmed, short-covering should take it back to at least $105.17 to $106.24. If the market is going to turn down again, it is likely to start inside this retracement zone.

Support comes in this week at $100.64 and the 50% level at $100.38. A sustained move through this price will likely lead to a break into the 61.8% or Fibonacci level at $98.17.

Additional support could be provided up an uptrending Gann angle at $98.52.

On the upside, the first sign of strength will be overcoming a downtrending…




Oilprice - The No. 1 Source for Oil & Energy News