Brent Crude Oil January-March 2017
Forecast: bullish ranging within 53/57 levels waiting for direction
Weekly (W1) price is located above Ichimoku cloud in the bullish area of the chart. The price is on ranging within the following support/resistance levels:
Chinkou Span line
is located above the price indicating the ranging condition to be continuing in the near future for example.
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Sergey Golubev, 2016.12.24 17:05
Oil Q1 2017 Forecast - The Real Power of OPEC Will Be Revealed in Q1 2017 (based on the article)
Sergey Golubev, 2016.12.30 06:06
Crude Oil Price Forecast: Early 2017 Volatility (based on the article)
"Should price fail to break the $50/51 support zone, we’ll expect an eventual move to the 2015 high in early 2017. Ichimoku also favors a Bullish continuation move."
Sergey Golubev, 2017.01.04 05:55
CRUDE OIL Short-Term Technical Analysis: intra-day ranging bullish or the secondary correction (adapted from the article)
H4 price is located above 200 SMA with near and above 100 period SMA (100 SMA) on the border between the primary bullish and the secondary correction:
Sergey Golubev, 2017.01.04 12:01
2017 Energy Outlook: Must-Follow Sectors (based on the article)
OPEC: "Market watchers will need to keep tabs on OPEC and non-OPEC monthly production decreases to see if key oil producers are adhering to their quotas under both the November OPEC production agreement and December OPEC/Non-OPEC production agreement."
West Texas Intermediate Crude Oil:North American Oil Producers: "2017 is not likely to see a roaring return to the exuberant shale oil production of 2012 and 2013. All eyes are currently on the hottest shale play right now, the Permian Basin in Texas. It is also important to keep tabs on the Bakken region in North Dakota."
Oil Services Firms: "After two long years of contraction, companies that provide workers and equipment to oil and gas extraction companies will finally start expanding in 2017. This means oil services companies will gradually be restarting idled equipment and rehiring laid-off workers during 2017."
Sergey Golubev, 2017.01.05 18:26
U.S. Commercial Crude Oil Inventories news event: intra-day ranging bearish, daily ranging bullish
2017-01-05 16:00 GMT | [USD - Crude Oil Inventories]
[USD - Crude Oil Inventories] = Change in the number of barrels of crude oil held in inventory by commercial firms during the past week.
"U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 7.1 million barrels from the previous week."
If daily price breaks 58.35 resistance on close daily bar so the primary bullish trend will be continuing.If the price breaks 54.03 support level to below on close daily bar so the local downtrend as a secondary correction within the primary bullish trend will be started.If not so the price will be on bullish ranging within the levels.
Sergey Golubev, 2017.01.07 05:41
Weekly Outlook: 2017, January 08 - January 15 (based on the article)
The US dollar wobbled in the wake of 2017, torn between good and bad news. US Retail sales, consumer sentiment and PPI stand out. These are the highlights for this week.
The US monthly employment report showed a lower than expected job growth in December but wages registered a 2.9% annualized gain. The economy added 156,000 positions while expected to increase 175,000. The unemployment rate edged to 4.7% from 4.6%. However, wage growth was the most significant factor in December’s report as average hourly wages jumped 10 cents to $26, the highest gain since 2009, indicating the US labor market has fully recovered. The final report of 2016 also comes amidst a presidential transition period. Donald Trump has promised aggressive fiscal measures including tax cuts and higher domestic spending to boost economic growth beyond the mild expansion witnessed so far.
Sergey Golubev, 2017.01.11 16:54
U.S. Commercial Crude Oil Inventories news event: intra-day ranging near and above 200 SMA, daily correction to be started with 53.86 to be broken to below
2017-01-11 15:30 GMT | [USD - Crude Oil Inventories]
commercial crude oil inventories (excluding those in the Strategic
Petroleum Reserve) increased by 4.1 million barrels from the previous
Crude Oil Daily: daily correction to be started with 53.86 to be broken to below.
The price is located above Ichimoku cloud in the bullish area of the chart with the secondary correction to be started by 53.86 support level to be testing to below for the correction to be continuing. Descending triangle pattern was formed by the price to be broken to below for the possible good breakdown, Trend Strength indicator and Absolute Strength indicator are evaluating the future possible trend as the secondary correction.
If daily price breaks 58.35 resistance on close daily bar so the primary bullish trend will be resumed.If the price breaks 53.86 support
level to below on close daily bar so the local downtrend as a secondary
correction within the primary bullish trend will be continuing.If not so the price will be on bullish ranging within the levels.
Sergey Golubev, 2017.01.12 09:15
Brent Crude Oil Daily: oil prices surged more than 3% today, lifting Brent crude futures back above $55 a barrel (based on the article)
Daily price is located above 100-day SMA/200-day SMA reversal levels in the bullish area of the chart. The price was bounced from 53.84 support to above for the bullish trend to be continuing and with 57.56 nearest daily target. Descending triangle pattern was formed by the price for the good possible breakdown with the secondary correction, but today's daily bar was opened above psychological level at 50.00 so the continuing of the bullish trend is very likely in this situation.
Sergey Golubev, 2017.01.21 10:26
Weekly Outlook: 2017, January 22 - January 29 (based on the article)The US dollar was mixed as Donald Trump entered the White House. Apart from Trump’s first week as President, we have some interesting publications: US and UK GDP, durable goods orders from the US and more These are the highlights of this week.