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Technically, the WTIC oil price completed a double-bottom in January and February at approximately $27.50. Thereafter, the (red) resistance at $32 was broken successfully, whereafter a new upward trend started within the (green) trend channel. Next horizontal resistance at $51 and thereafter at $56. Thus, a buy-signal is active at the moment. Sell-signal when breaching the lower (green) support currently at $45. 


Live version: http://schrts.co/wraFxd

The longer-term picture shows that a second pullback to the (green) triangle leg was completed in early 2016. As the (green) triangle legs were not breached to the downside, a buy-signal resulted, because a thrust to the upside has become likely. The goal of this thrust (the final movement out of a triangular price formation) is to break above the resistance which was marked by the previous breakout ($90-$140). As the price has risen above the (blue-dotted) resistance recently, another buy-signal was generated (sell-signal when breaching this new support at $49). If this support holds, a further increase to the next (blue-dotted) resistance is anticipated ($60). A breakout above the (blue-dotted) resistance at $70 would generate a strong buy-signal until next resistance at $90. If the $90 level can be transformed into new support, a strong bullmarket is expected thereafter attempting to break above previous highs.


Live version: http://schrts.co/c8TSzN  

The following infographic on the oil economy and global crude oil production was designed by SavvyBeaver.ca:


Source: www.savvybeaver.ca

Disclaimer: The above content is not a buy or sell recommendation and there is no guarantee that any mentioned market or price will act as technically interpreted by the author. Rockstone´s authors do research and sometimes invest as indicated, however none of them is a registered investment advisor. Please do your own due diligence or consult with a registered financial advisor. As such, the content herein is of educational nature and solely represents the opinion of the author. Please read the full disclaimer here as fundamental risks and conflicts of interest exist (the author could be long or short the respective commodity). 

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Name:
Carlos Torrado
07.10.2016 11:29:14
Regarding the gasoline prices note that in brazil the price is USD 1,00 per liter not per gallon.
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