Technician
Long

Looking for a short term bottom in Oil

NYMEX:CL1!   Light Crude Oil Futures
1983 11 39
Copper             failed to confirm the new low in crude oil             . Looking for a short term rally for a minimum target around 34.50.

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I'm new to technical analysis, but that's a head and shoulders bottom forming, is it not? So, would we be possibly looking for a retreat to 27.60 from the 34.50 target you cite before reversing upwards?
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Technician TOP Prospero13
hey, this completely pre-mature. Do not count on such assumptions unless you have the experience to do so. A head and shoulders pattern is complete ONLY when the whole pattern has formed and the neckline was broken.
+2 Reply
Piet.Hein Technician
good explanation.
+1 Reply
Genghis Technician
snapshot

Copper inverse head and shoulders dealing with whiplash... onwards and upwards?
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thx for doc copper link
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Thanks, Technician. I appreciate that.
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Technician TOP Prospero13
You are welcome
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Sadly the fundamental news is bearish. Today Iran said they will not limit their own oil production:

https://twitter.com/zerohedge/status/699980031217573888

https://twitter.com/WSJ/status/699996740255162368
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ChartArt ChartArt
So I think the move up today was a short squeeze and we will see lower prices next days (maybe above the recent lows), before we see the final rally. Unless more people are not aware pf the new bearish oil news.
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You could be correct . But, I don't think there is new news here.
+1 Reply
Which will be right technical, fundamental, or manipulation.

The highest number of oil tankers in the Houston New Orleans area has been 133 over the past few months. Over the past few days that number topped out at 180 tankers. With an average of 100,000 barrels - that about 4.7M barrels. Before the last Cushion report, I saw the fewest numbers before a report, then the huge 180 build up during Friday and a long weekend to fix the price to unload.

This is all about getting a massive amount of increasingly expensive ocean inventory out those tankers at better prices before the next report - if you can belive the report.

Oh yeah, helps those stock prices too.
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