Overview :
US oil surges 6.2%, closes at $31.48 a barrel after a group of oil-importing countries said energy stockpiles will grow at a slower pace on monday.
On Technical charts, Very Short term trend of crude is bullish, it has given upside breakout from downward sloping trend. Now market is making higher top and higher bottom formation on chart. Market is...
I think WTI has formed a Head & Shoulders Pattern which if I have read correctly is one of the strongest Technical Indicators.....
This should lead to Oil falling to at least 28 and maybe even 26 again....
Iran not agreeing to cut with OPEC is perfect timing to push it up enough so it hits the neckline as you can clearly see happened today.....
It's all algo...
After failing to break above the grey resistance zone we now find ourselves back at the 28.10-27.54 support zone. A break below here will indicate further decline in the market with 25.13-23.61 zone being reached.
Shorting below $28.10- $27.54 zone
increase of stocks - new record, all time high 356 635 thousand barrels – September 26, 2014, 494 920 thousand barrels – January 26, 2016
oil production is still high despite of decreasing rig counts
decrease of managed money positions - 184 317 – October 13, 2015, 69 755 – January 12, 2016, 110 432 – January 26, 2016
Murrey math lines: monthly chart 1/8 –...
oil been falling sharply this year and today we are below 32 level wich we did'nt see from 2009
based on the historic move we are looking for 24,50 then 19,50 and finally 12 wish i' am sure a lot of country's will not love this
We do not even know, what to say. Everything is reflected in the charts in terms of the fundamental, historical and wave analysis. Maybe we are wrong, and the oil, will take the form of long-term correction, but the growth is unequivocal in the coming years. This is our opinion. Yours faithfully!
Rising wedge broken, EIA + OPEC oil supply outstripping demand, original limit of 48.6 has been extended with skepticism to $48.1, will be watching the charts as the day goes on and watch for US oil inventory data release this wednesday
