• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Saudi Fund Wants to Take Tesla Private?
  • 17 minutes Starvation, horror in Venezuela
  • 7 mins WTI @ 67.50, charts show $62.50 next
  • 9 hours Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 10 hours Mike Shellman's musings on "Cartoon of the Week"
  • 5 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 15 hours Venezuela set to raise gasoline prices to international levels.
  • 5 hours WTI @ 69.33 headed for $70s - $80s end of August
  • 9 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 15 hours Scottish Battery ‘Breakthrough’ Could Charge Electric Cars In Seconds
  • 22 hours Renewable Energy Could "Effectively Be Free" by 2030
  • 21 hours Corporations Are Buying More Renewables Than Ever
  • 11 hours Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 1 day Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 12 hours France Will Close All Coal Fired Power Stations By 2021
Alt Text

The Best Places In The World To Mine Bitcoin

As Chinese bitcoin miners face…

Alt Text

Clean Energy Stocks Outperform Oil And Gas

Green energy stocks saw tremendous…

Alt Text

Yieldcos Are Back And Better Than Ever

Yieldcos have had a rocky…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 14th June 2013

After a successful test of a short-term retracement zone at $91.88 to $90.56, August Crude Oil futures appear poised to breakout over a downtrend line that has been providing resistance since early February.  The trend line drops in at $96.87 this week. Sustaining a move through this price with rising volume will be a strong sign that speculators are ignoring the immediate fundamentals and instead have chosen to focus on the possibility of greater demand because of an improving economy.


Click to enlarge

The triangle chart pattern that has contained the price action for several months is known as a non-trending chart pattern. The fact that the market has retraced over the mid-point of the $106.76 to $81.87 range at $94.31 several times is a clear indication that investors lacked clarity and conviction.

At this time, the market is trading on the strong side of the pivot price, indicating that the buying is greater than the selling at current price levels. The fact that the action has been contained inside of the triangle for several months leads one to believe that the market is poised for increased volatility. If the breakout takes place as expected and fresh money follows the move then look for August Crude Oil to begin to pull away from the confining chart pattern.

Technical traders aren’t going to wait for the fundamental news to confirm the rally. They are willing to speculate that new money is going to arrive on the breakout alone.…

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