Prices hit a high of $49.14 before trimming gains to trade around $48.80 levels.
4-hour chart shows a bearish price RSI divergence.
Also note, futures show a gap up opening today. The gap is between $48.22 and $48.82 levels.
In the light of bearish price RSI divergence, prices appear likely to fill the gap ahead of NY closing.
On a larger...
I see no reasons for more declines now to be honest. Bottom is reached at around 25$ see the doji candle breakout of the Bollinger Band. It's a great reversal indicator. The fundamentals is in place as well IMO for a further claim.
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...
Crude oil futures for delivery in March traded below $27 per barrel for the majority of the trading session, marking the second time this year that crude has traded around this level. Prior to 2016, the last time that crude oil futures traded below $27 per barrel was in September 2003.
On Technical charts, Major trend of crude oil is strongly bearish...
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 –...
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!
OVERALL MY BIAS ON OIL IS SHORT.
WEEKLY HAS CLOSED SPINNING TOP WHICH SHOWS INDECISION.
PRICE HAS BEEN REJECTED FROM THE $50 RESISTANCE.
CAPPED BY THE 50% RETRACEMENT.
CAPPED BY 50EMA.
PRICE COULD BREAK THE 50EMA AND CONTINUE FOR AN OUTER TREND LINE TOUCH.
WAITING FOR 4HOUR COUNTER TREND LINE BREAK AND OTHER CONFLUENCES.
FIRST SHORT TARGET 42.00