{"id":57847,"date":"2011-03-17T10:32:47","date_gmt":"2011-03-16T23:32:47","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2011\/03\/17\/oil-price-action-a-bullish-signal\/"},"modified":"2011-03-17T10:32:47","modified_gmt":"2011-03-16T23:32:47","slug":"oil-price-action-a-bullish-signal","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2011\/03\/17\/oil-price-action-a-bullish-signal\/","title":{"rendered":"Oil Price Action A Bullish Signal"},"content":{"rendered":"<p>\n\t<strong>&#8211; Oil prices returning to previous breakout levels<br \/>\n\t&#8211; Momentum approaching oversold levels<br \/>\n\t&#8211; Technical analysts at Barclays turning more positive<\/strong><\/p>\n<p>\n\t<br \/>\n\tBy Chris Shaw<\/p>\n<p>\n\tOil prices are returning to breakout levels of US$94\/95 for West Texas Intermediate and US$103.35\/$105.60 for Brent Crude. This price action is seeing the technical analysts at Barclays Capital turn more bullish.<\/p>\n<p>\n\tAs the analysts note, momentum is quickly approaching oversold levels, a complete reversal of the overbought signals being displayed a week ago.<\/p>\n<p>\n\tIn the view of the technical analysts Brent crude appears to be forming a flag-like pattern. This suggests if the uptrend of the past 10 months is to continue, fresh demand should be located around these levels.<\/p>\n<p>\n\tA break above former range lows around US$112.40 would suggest a re-test of US$116.50 according to the analysts, though the preference is for gains above US$118.50 as this would confirm an extension through previous highs of US$119.79.<\/p>\n<p>\n\tMedium-term the technical analysts at Barclays remain bullish for a move towards US$122 per barrel for Brent crude.<\/p>\n<p>\n\t<img decoding=\"async\" alt=\"\" src=\"http:\/\/www.fnarena.com\/ckfinder\/userfiles\/images\/barclaysoil17-3.jpg\" style=\"width: 700px;height: 433px\" \/><\/p>\n<p>\n\t<strong>Technical limitations<\/strong><\/p>\n<p>\n\t<strong><span style=\"font-style: italic\">If you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we <span>apologise<\/span>, but technical limitations are to blame.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Technical analysts at Barclays Capital suggest current oil price action is offering a bullish signal as a flag-like pattern appears to be forming.<\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[24],"acf":[],"_links":{"self":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57847"}],"collection":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=57847"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/57847\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=57847"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=57847"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=57847"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}