Oil Price News and Technical Levels
Crude Oil (Jan 13) intraday: the bias remains bullish. (NYSE:BP), (NYSE:COP), (NYSE:XOM), (NYSE:CVX)
Data for the week ending Nov. 16 is expected to show builds of one million barrels in crude oil stocks and 1.25 million barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the U.S. Energy Department’s Energy Information Administration — the market benchmark — will be out Wednesday.
Brent crude, which is used to price international varieties of oil, was down 21 cents at US$111.49 a barrel on the ICE Futures exchange in London.
Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
Pivot: 88.10
Shayne Heffernan Outlook: LONG positions above 88.1 with 89.75 & 90.7 as next targets.
The downside breakout of 88.1 will open the way to 87.2 & 86.
Comment: the RSI lacks downward momentum.
Green Lines Represent Resistance | Red Represent Support Levels | Light Blue is a Pivot Point | Black represents the price when the report was produced
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Shayne Heffernan Ph.D.
Economist/Hedge Fund Manager
Shayne Heffernan oversees the management of funds for institutions and high net worth individuals. He is also an active consultant working with Corporations around the World.
He is recognized as one of the leading Economists in South East Asia, as well as the preeminent authority on ASEAN. His opinions and forecasts are widely read by decision makers in the region and Internationally.
Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reached a peak of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.
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