Join        Login             Stock Quote

A Review Of Oil And The Possible Breakout

 November 15, 2012 01:24 PM

Oil bounced yesterday after news of the Israel and Hamas conflict. This allowed oil to touch the highs of the range it has been in over several weeks.  Oil has gone no where lately as evident of the consolidation patter on the chart.  Oil has stayed between 85 and 87 during this time, but the range for is from 84.05 and 87.46.

Possible Break Out: Oil appears it is ready to test these highs again and possible break out.  For Oil to breakout it would need to get above 87.05, which is the more immediate term resistance level. A true breakout would occur at 87.46 and this would allow Oil to head north to about 91. The conflict in the middle east and dollar that is nearing resistance could be the bump oil needs to get over this resistance.

[Related -Emerging-Markets Stocks Took The Lead Last Week]

Hourly Triangle:  A sloppy ascending triangle has formed on Oil as well which uses the resistance levels above to form the top of the triangle.

[Related -Does Your Latest Investment Pass This Test?]

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageEmerging-Markets Stocks Took The Lead Last Week

Emerging-markets equities enjoyed a solid rise last week among the major asset classes, based on a set of read on...

article imageDoes Your Latest Investment Pass This Test?

On Wednesday, I sounded the alarm about the problems looming for some consumer staples stocks. In short, read on...

article imageIs The Slump In US Manufacturing Easing?

Yesterday’s November survey data from the Philadelphia Fed hints at the possibility that a stronger trend read on...

article imageMarket Potentially Facing Near Term Technical Headwinds

After the S&P 500 Index pullback on Thursday and Friday last week, the market's advance on Monday and read on...

Popular Articles

Daily Sector Scan
Partner Center

Related Articles:

Is The Slump In US Manufacturing Easing?
More Articles on: Oils/Energy

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.