Oct 172014
 
Hammer on weekly chart indicates tentative support at 80
Hammer on the weekly chart for WTI indicates support around 80 as the shorts covered on Thursday. It is not a perfect hammer which would have a smaller real body and a longer shadow.

WTI 3-Year Weekly Chart

The shorts covered. Hammer on the weekly chart for WTI indicates support around 80. It is not a perfect hammer which would have a smaller real body and a longer shadow. There was also the support at 80 back in June, 2012.

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Daily chart for WTI shows the support level around 80
Daily candlestick chart for WTI showing the support level around 80.  There was heavy volume on Thursday as the shorts covered.  But the spinning top candlestick on Friday indicates ambivalence.  It is not the time to go long or short. We will have to monitor the price action next week.

WTI Daily Candlestick Chart

Daily candlestick chart for WTI showing the support level around 80. There was heavy volume on Thursday as the shorts covered. But the spinning top candlestick on Friday indicates ambivalence. It is not the time to go long or short. We will have to monitor future price action. There is a high probability the bears will take another run at testing the support level.

Reference the last chart analysis for WTI and Brent published on October 14, 2014.

Reference the Monthly Oil Market Report from OPEC.

Expectations for next month’s Opec ministerial meeting now weigh heavily on the oil market after the sharpest sell-off in years over the past month, analysts said. Read the rest of the article………….

Excellent article from a Canadian perspective: In the oil sands, this is not the time to panic

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“It is all about probabilities”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

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Oct 142014
 

Brent down 26% from June! WTI will test 80 and Brent 83?

Intermediate downtrend for WTI and Brent.

WTI and Brent 3-year Weekly Chart

Reference the last chart analysis for WTI and Brent published on Oct 8, 2014.

Reference my chart analysis published February 5, 2013 for historical numbers.

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“Keep it Simple!”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

Oct 082014
 

Intermediate downtrend for WTI and Brent

WTI and Brent 3-Year weekly chart showing the differential and support levels.

WTI and Brent 3-Year Weekly Chart

For historical data and commentary, reference my chart analysis for WTI and Brent published February 5, 2013.

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“Keep it Simple!”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.

Oct 062014
 

150-day simple moving average defines the trendlline

The 150 day simple moving average defines the trendline for the S&P 500

S&P 500 2-year Daily Chart

And the line in the sand is the 200-day moving average. Reference the last chart analysis for the S&P 500.

The important point from this chart is that the major trend is up. Always trade in the direction of the trend until the chart indicates a reversal.

______________________________

“Keep it Simple!”

Note: Click on HOME for updated postings. This technical analysis is for educational purposes so you can learn to trade online using candlestick charts and other technical indicators including volume, moving averages and oscillators. Please conduct your own chart analysis or consult your financial advisor before making investment decisions. The author of this article may hold long or short positions in the featured stock or index.