• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 5 hours WTI @ $75.75, headed for $64 - 67
  • 9 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 15 mins The Dirt on Clean Electric Cars
  • 14 hours OPEC's No. 2 Producer Wants to Know How Buyers Use Its Oil
  • 2 hours Uber IPO Proposals Value Company at $120 Billion
  • 53 mins Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 3 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 9 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 6 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 13 hours China Thirsty for Canadian Crude
  • 6 hours Nopec Sherman act legislation
  • 9 hours EU to Splash Billions on Battery Factories
  • 12 hours Who's Ready For The Next Contest?
Alt Text

Yieldcos Are Back And Better Than Ever

Yieldcos have had a rocky…

Alt Text

Venezuela Takes Unprecedented Action To Stabilize Currency

Venezuelan President Nicolas Maduro has…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 13th December 2013

February Crude Oil futures rallied for a second consecutive week, however, the weak follow-through to the upside indicates that the move was most likely triggered by short-covering rather than new buying. In addition, technical factors played a role in stopping the rally as well as skepticism over the latest supply and demand data.

Technically, the market did all that it was expected to do after reaching a major retracement zone on the weekly chart at $95.90 to $93.46 and reaching oversold levels on most oscillator and indicator charts. The subsequent reversal to the upside was triggered by short-covering after commodity funds had built up huge positions and the market ran out of sellers.

Based on the break from the late August top at $106.22 to the late November bottom at $92.10, technical analysts were expecting a retracement into $99.16 to $100.83. As of December 11, February crude had reached a high at $98.92, before profit-taking and fresh shorting killed the upside momentum. The market is now setting up for a possible retracement of the rally from $92.10 to $98.92, making $95.51 the next potential downside target.

Also stopping the market was an angle moving down .50 per week from the $106.22 top. This angle stopped the rally at $98.72 the week-ending December 13. It moves down to $98.22 the week-ending December 20.

The first possible support level is an angle at $96.10 the week-ending December 13 and $98.10 the following week. Breaking…

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