• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 34 mins Satellite Moons to Replace Streetlamps?!
  • 16 hours US top CEO's are spending their own money on the midterm elections
  • 2 hours EU to Splash Billions on Battery Factories
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 2 hours The Balkans Are Coming Apart at the Seams Again
  • 18 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 24 hours Petrol versus EV
  • 2 hours The Dirt on Clean Electric Cars
  • 14 hours Uber IPO Proposals Value Company at $120 Billion
  • 19 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 4 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 16 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 21 hours 10 Incredible Facts about U.S. LNG
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…

Alt Text

World Bank To Cut Off Oil & Gas Funding

In accordance with the Paris…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil Market Forecast & Review 17th January 2014

February crude oil consolidated on the weekly chart last week, suggesting the market may be poised for another short-covering rally. Based on the short-term range of $100.75 to $91.24, traders are anticipating a rally into the retracement zone at $96.00 to $97.12. Since the main trend is down, short-sellers are likely to show up following a test of this zone, setting up the market for another drive toward the $90.00 area.

Despite a clearly defined retracement zone and upside target, the expected rally into this zone is likely to be labored because of various resistance angles and confusing fundamentals. The first resistance is an angle from the $100.75 top at $94.75 the week-ending January 17 and $92.75 next week. This is followed by another major downtrending angle at $96.22 this week and $95.72 the week-ending January 24. Upside momentum is going to have to be strong enough to drive through these levels. Since short-covering has been the main driver of upside action recently, the rally is expected to be weak. This will leave the market in control of the bears.

Last week, the Energy Information Agency reported a seventh consecutive drop in crude supplies, but the news failed to attract any significant buying interest. A few of the weaker shorts covered, but too many concerns kept bullish investors on the sidelines. In addition, despite oversold conditions on the daily chart, there just doesn’t seem to be any solid interest on the long side at this…

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