Technical view:
-RSI is heavy overbought and indicates incoming downside correction movement
-STOCHASTIC RSI is heavy overbought as well and baselines crossed bearish which brings sellers into the market
-50 day moving average crossed 100 and 200 day moving average which brings sellers into the market within short term
- upper side of Bollinger bands is reached which is resistance and brings sellers into the market
-breakout above triangle needs and trend confirmation before start next up movement
-Stop loss above 58,80
Fundamental view:
US oil holdings have fallen well above expectations by the week before last, with the total holdings slowly approaching the five-year average again, but have not yet fallen below it. The sharp reduction was partly due to lower production and higher exports, as a storm in the Gulf of Mexico severely impacted US production. But this week more than 70 % of all platforms that have taken a production break are expected to start up again. This fuels expectations of a renewed increase in inventories.
State of Alberta reduces production cutbacks
Another factor on the supply side comes from Canada. In the near future, much more oil will be pumped through the pipelines and transported by rail. The state of Alberta has reduced production cutbacks by more than half from 325 thousand barrels per day to 175 thousand barrels per day.
-RSI is heavy overbought and indicates incoming downside correction movement
-STOCHASTIC RSI is heavy overbought as well and baselines crossed bearish which brings sellers into the market
-50 day moving average crossed 100 and 200 day moving average which brings sellers into the market within short term
- upper side of Bollinger bands is reached which is resistance and brings sellers into the market
-breakout above triangle needs and trend confirmation before start next up movement
-Stop loss above 58,80
Fundamental view:
US oil holdings have fallen well above expectations by the week before last, with the total holdings slowly approaching the five-year average again, but have not yet fallen below it. The sharp reduction was partly due to lower production and higher exports, as a storm in the Gulf of Mexico severely impacted US production. But this week more than 70 % of all platforms that have taken a production break are expected to start up again. This fuels expectations of a renewed increase in inventories.
State of Alberta reduces production cutbacks
Another factor on the supply side comes from Canada. In the near future, much more oil will be pumped through the pipelines and transported by rail. The state of Alberta has reduced production cutbacks by more than half from 325 thousand barrels per day to 175 thousand barrels per day.
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The analyses provided are for informational purposes only and do not constitute financial advice or recommendations to buy or sell anything. The information presented is based on personal research and interpretation.
