• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 15 minutes Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 7 hours Wonders of Shale- Gas,bringing investments and jobs to the US
  • 4 hours Why is Strait of Hormuz the World's Most Important Oil Artery
  • 2 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? . . . . China greatest threat next 50 years.
  • 2 hours California's Oil Industry Collapses Despite Shale Boom
  • 33 mins North Dakota oil output totals 1.39 million b/d in March, up 4% on month: state
  • 6 hours IMO2020 To scrub or not to scrub
  • 7 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 4 hours Misunderstanding between USA and Iran the cause of current stand off, I call BS
  • 3 hours Global Warming Making The Rich Richer
  • 5 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 12 hours Shale to be profitable in 2019!!!
  • 11 hours Crude oil?
  • 4 hours Iceland Reducing Gas Stations By Half By 2025
  • 7 hours "We cannot be relying on fossil fuels to burn as an energy source at all in our country" - Canadian NDP Political Leader
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

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.…




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