Crude Oil recap for 25.09.2015
Crude has gained up some $$$ in its value after the pin-bar closing from 24.09. The price yesterday (O:45.10; H:46.6; L:44.94; C:45.67) climbed at $1.37, but the price stalled at the top and it turned south back 74 c. The price was boosted after the Baker Hughes oil rig count which came up 640 vs 644 prior. The segmented and individual count:
- Prior oil rigs were 644
- Natural gas rigs 197
- Prior natural gas rigs were 198
- Total rigs 838
- Prior total rigs were 842
Rig count continue to fall and thats four weeks of declines as lower prices weigh on production. Oil extended gains after the data, but I think it wasn't enough and selling continued. Seems that the price is going into a price range now from 44.52 on the bottom side and 47.11. One may think Oil is making a bullish flag, shedding light on the probability for a scenario for the price to push up to 52.82. Turning to the past, we saw the double-bottom figure, still marked with the gray area on the chart. Price now was the prices back-then, and price did managed to push to 61.73 before going into range limbo around the uncertainty for the Iranian Deal. So it is possible for a bullish figure forming around the same levels to work it out its way pushing the price to 52.82. Second scenario is that the figure will fake-brake above 47.11 and reaching 48.58 and then tumbling down hard, getting trough 44.52 and more below. Still 44.52 is turning out be a tough level which has been defended from the beginning of the month. We saw several fake brake outs before and every time the price moved higher. The false brakes on the top are none, so which means that market players are putting a nice layout on the top side, forming the top lines more precisely, except the bulls which are luring bears into their traps. The stand-off will continue if a major catalyst occurs and one of the sides prevail.