• 5 minutes Mike Shellman's musings on "Cartoon of the Week"
  • 11 minutes Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 17 minutes WTI @ 67.50, charts show $62.50 next
  • 16 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 4 hours Pakistan: "Heart" Of Terrorism and Global Threat
  • 1 day Newspaper Editorials Across U.S. Rebuke Trump For Attacks On Press
  • 8 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 5 mins Renewable Energy Could "Effectively Be Free" by 2030
  • 9 hours Venezuela set to raise gasoline prices to international levels.
  • 1 day Batteries Could Be a Small Dotcom-Style Bubble
  • 21 hours Saudi Fund Wants to Take Tesla Private?
  • 20 mins Starvation, horror in Venezuela
  • 2 hours Are Trump's steel tariffs working? Seems they are!
  • 2 days France Will Close All Coal Fired Power Stations By 2021
  • 1 day Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 14 hours Corporations Are Buying More Renewables Than Ever
Alt Text

Yieldcos Are Back And Better Than Ever

Yieldcos have had a rocky…

Alt Text

World Bank To Cut Off Oil & Gas Funding

In accordance with the Paris…

Alt Text

The Best Places In The World To Mine Bitcoin

As Chinese bitcoin miners face…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 16th September 2013

Although the chart pattern suggested October Crude Oil was set up for the start of a substantial correction, the futures contract rebounded quickly after a two-week setback and is now in a position to breakout to the upside on both the weekly and monthly charts.

The weekly chart indicates a breakout over the last top at $107.85 could trigger a fast rally into the April 29, 2011 contract high at $108.63. A trade through the top at $107.85 will also make $101.82 a new main bottom. The market would have to take out this price to turn the main trend down. Otherwise, it looks like upside momentum is going to take this market higher.

The monthly chart also indicates a serious up move is in the making. Last month, a long-term trend line stopped the rally at $108.53. This month, the trend line moves down to $108.03. A sustained move through this angle will be a sign of strength and could fuel an acceleration into another downtrending line at $112.28.

Fundamentally, after weakness earlier in the week, crude oil reversed sharply to the upside. Speculator liquidation caused the early decline. These traders were anticipating a rise in the U.S. Dollar on speculation the Fed would announce the date and the amount of its tapering of monetary stimulus. This action would’ve increased U.S. interest rates, making the U.S. Dollar a more attractive investment. Since crude oil is dollar-denominated, crude oil prices were expected to collapse from lower demand.…

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