• 5 minutes Oil prices forecast
  • 8 minutes Nuclear Power Can Be Green – But At A Price
  • 11 minutes Projection Of Experts: Oil Prices Expected To Stay Anchored Around $65-70 Through 2023
  • 16 minutes Europe Slipping into Recession?
  • 3 hours *Happy Dance* ... U.S. Shale Oil Slowdown
  • 2 days U.S. Treasury Secretary Mnuchin Weighs Lifting Tariffs On China
  • 19 hours Germany: Russia Can Save INF If It Stops Violating The Treaty
  • 2 hours Socialists want to exorcise the O&G demon by 2030
  • 1 day Connection Between Climate Rules And German's No-Limit Autobahns? Strange, But It Exists
  • 19 hours Maritime Act of 2020 and pending carbon tax effects
  • 1 day Chevron to Boost Spend on Quick-Return Projects
  • 1 day Conspiracy - Theory versus Reality
  • 2 days UK, Stay in EU, Says Tusk
  • 2 days What will Saudi Arabia say? Booming Qatar-Turkey Trade To Hit $2 bn For 2018
  • 2 days Regular Gas dropped to $2.21 per gallon today
  • 2 days German Carmakers Warning: Hard Brexit Would Be "Fatal"
Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Oil Market Forecast & Review 8th March 2013

After a five-week sell-off, April Crude Oil is showing signs of a potential short-term bottom on the weekly chart. Earlier this week it reached a low of $89.33 before a shift in the fundamentals combined with oversold technical conditions triggered the start of a rally.

At the start of the week, technical oscillators and indicators were signaling the presence of oversold conditions. Although the market wasn’t really attracting buyers, it did appear to stop going down. Once it stabilized, the fundamental news kicked in which drove the market higher.

Late in the week, a sharp rise in the Euro triggered a resurgence in demand for higher-yielding assets. Also contributing to the rally was a weaker dollar. Since crude oil is priced in U.S. Dollars, it became less expensive to foreign investors.


Click to enlarge.

After establishing support at $89.33, the market quickly regained a former support angle at $90.92 and a Fibonacci price level at $91.08. Both of these moves were signs of strength.
Sustaining the rally over these levels helped re-establish their importance as support.

If the market continues to rally the week-ending March 15, traders should watch for a test of another retracement level at $92.52. Crossing to the bullish side of this angle is likely to lead to a test of $92.66.

The most important chart pattern to watch for on Friday, March 8 is a closing price reversal bottom. This will form if the market closes over…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin



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