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Crude Oil Retreats from the Day’s High and Settles below Key Resistance (Part 3 of 3) (Continued from Part 2) Doji pattern
The WTI (West Texas Intermediate) crude oil chart shows the emergence of the Doji pattern. The Doji pattern suggests indecision the market. WTI oil prices retreated from the psychological levels of $58 per barrel and settled at $56.38 per barrel on April 20, 2015. The inventory data is due on Wednesday, April 22. The consensus of slowing inventory and the strong dollar would play a key role in the price movement of crude oil.
Key pivots
The current momentum could push crude oil prices to the key resistance of $66 per barrel. Oil prices hit this level in May 2009. WTI oil prices are trading above their 20, 50, and 100-day moving average. Slowing non-OPEC (Organization of the Petroleum Exporting Countries) production, increasing imports from China and India, and refineries returning from the maintenance season will boost demand for oil and support oil prices.
Despite the slowing production growth from non-OPEC, OPEC production continues to surge and the US dollar is going strong. This will put downward pressure on oil prices. The important support is at $52 per barrel. Prices hit this level on April 13 and 14. The charts say that oil prices could decline ahead of the inventory data. The 14-day RSI (relative strength index) is in overbought territory. Crude oil prices could fall from this level.
The increase in oil prices is positive for oil producers like Whiting Petroleum (WLL), Hess Corporation (HES), and ExxonMobil (XOM). They also affect oil-focused ETFs like the ProShares Ultrashort Bloomberg Crude Oil (SCO) and the VelocityShares 3X Long Crude ETN (UWTI).
For recent updates, visit Market Realist’s Crude Oil ETFs page.
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Hess Corporation
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CODE : HES |
ISIN : US42809H1077 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Hess Corp. is a and oil exploration company based in United states of america. Hess Corp. is listed in Germany and in United States of America. Its market capitalisation is US$ 48.6 billions as of today (€ 45.7 billions). Its stock quote reached its lowest recent point on November 17, 1989 at US$ 10.06, and its highest recent level on April 19, 2024 at US$ 154.35. Hess Corp. has 315 053 615 shares outstanding. |