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Oil price discussion and analysis

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Re: OIL AGAIN!

Can't for the life of me figure out why Nat Gas is going the other way...:confused:

It was looking bearish while CL was looking bullish, and now the other way around....


CanOz
 
Re: OIL AGAIN!

Ann said:
Well it didn't quite make the $93.40 but nearly! :)
Click to expand...

Yeah this time i was ready, had my TP at .50, a little early again but getting better.

We seem to be in a channel on the 60m....

More data out soon...
 
Re: OIL AGAIN!

The 10 minute oil chart looks like another inverted flagpole with a flag is forming. Maybe another $1 drop if it falls.

Edit: No not going to fall...broken into the upside of the flag formation!
 

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Re: OIL AGAIN!

Ann said:
The 10 minute oil chart looks like another inverted flagpole with a flag is forming. Maybe another $1 drop if it falls.

Edit: No not going to fall...broken into the upside of the flag formation!
Click to expand...

Well that rally upwards failed and now the POO is plunging. I have got to stop watching!
 
Re: OIL AGAIN!

There is a fully formed inverted head and shoulders pattern on the POO chart. A potential target price of $102.50 is the calculation, however I don't think it will evolve into a completed trade as the IH&S was not formed after a long fall and is not at a low level but formed from a sideways/rising line. Plus there is that long term overhead resistance line from the symmetrical triangle about to be touched. Finally there is that very, very high OI on the COTs which I am watching. Let's see!
 

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Re: OIL AGAIN!

The POO is getting very close falling below the 200MA around the 92.33 level at the moment. That might set off some stops perhaps.
 
Re: OIL AGAIN!

American Petroleum Institute showed a 4.4-million barrel increase in US crude inventories for the week to May 24. That was much higher than a Reuters forecast for a fall of 400,000 barrels.

We have to closely watch an upcoming meeting of the Organisation of the Petroleum Exporting Countries (OPEC) and China’s official purchasing managers index (PMI) to get some indications on global oil supply and demand/.

EIA expects that the Brent crude oil spot price will average $104 per barrel over the second half of 2013 and $101 per barrel in 2014.

However these projections can change at any time due to new developments. Energy price forecasts are highly uncertain.

My ideas are not a recommendation to either buy or sell any security, commodity or currency. Please do your own research prior to making any investment decisions
 
Re: OIL AGAIN!

It didn't like the data last night though, it was going nicely until then too....

CanOz
 
Re: OIL AGAIN!

Very interesting pattern here,

Oil.gif

Considering the smack down everything else has had.
 
Re: OIL AGAIN!

Trembling Hand said:
Very interesting pattern here,

View attachment 53118

Considering the smack down everything else has had.
Click to expand...

Yeah oil has down really well and is the best performing commodity in the face of the rising dollar...

Below is the DX, the CI (commodity index), and the ES from top to bottom....just for interest sake.

CanOz
 

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Re: OIL AGAIN!

Oil up to 101.61 this morning....
 
Re: OIL AGAIN!

The oil price in USD is going up, meanwhile the AUD is going down against the USD. So the extent of the recent price rise is somewhat larger in AUD than it appears in USD-based charts.

Should be good news for Australian oil producers. Not so good news for airlines or anyone who drives a petrol guzzler although I haven't noticed a price rise at the pumps (yet.....).:2twocents
 
Re: OIL AGAIN!

Wow, CL's lost a buck tonight...:eek:
 

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