{"id":59569,"date":"2012-02-28T10:57:43","date_gmt":"2012-02-27T23:57:43","guid":{"rendered":"http:\/\/www.fnarena.com\/index.php\/2012\/02\/28\/crude-oil-rally-only-gaining-momentum\/"},"modified":"2012-02-28T10:57:43","modified_gmt":"2012-02-27T23:57:43","slug":"crude-oil-rally-only-gaining-momentum","status":"publish","type":"post","link":"https:\/\/staging.fnarena.com\/index.php\/2012\/02\/28\/crude-oil-rally-only-gaining-momentum\/","title":{"rendered":"Crude Oil Rally Only Gaining Momentum"},"content":{"rendered":"

\n\tBy Rudi Filapek-Vandyck<\/span><\/p>\n

\n\tInvestors better not be fooled by last night's pause in the crude oil price rally, warn technical analysts around the globe. They say price charts continue to indicate crude oil futures seem poised for (much) higher price levels.<\/p>\n

\n\tUS based S&P Capital IQ technical strategist Mark Arbeter<\/span> believes WTI<\/span>, currently trading below US$108\/bbl<\/span>, is destined to reach for US$130\/bbl<\/span> by August. In between now and then, Arbeter<\/span> predicts WTI<\/span> futures will first conquer US$114\/bbl<\/span>, then focus on US$120\/bbl<\/span> next. By then, he suggests, it may be time for a larger consolidation.<\/p>\n

\n\tTechnical market analysts at Barclays are equally bullish on crude oil's perspectives. The team has short term targets for Brent (the "real" price of oil) at US$126.65\/bbl<\/span> and then US$127.02\/bb. For WTI<\/span>, the analysts at Barclays are anticipating for a move above US$110.00\/bbl<\/span>, after which the target shall move to US$114.85\/bbl<\/span>, the high from April last year.<\/p>\n

\n\t\"\"<\/p>\n

\n\tAs reported last week, the team of technical analysts at Citi<\/span> believes crude oil futures might target the all-time highs from 2008 this year. They see striking similarities between oil markets today and the situation in September 2010 when futures started rallying from prices below US$70\/bbl<\/span> to near US$120\/bbl<\/span> by April. Citi<\/span> analysts are in particular "concerned" about what price charts are showing in terms of (Brent) crude oil priced in euros<\/span>. The team signals crude oil prices in EUR are about to reach new all-time highs and they may well supercede<\/span> previous peak levels by some 20% in the months ahead.<\/p>\n

\n\tTechnical limitations<\/strong><\/p>\n

\n\tIf you are reading this story through a third party distribution channel and you cannot see charts included<\/span>, we apologise<\/span><\/span>, but technical limitations are to blame.<\/em><\/strong><\/p>\n

\n\tFind out why FNArena<\/span> subscribers like the service so much: "Your Feedback (Thank You)<\/a>" – Warning this story contains unashamedly positive feedback on the service provided.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Don’t be fooled by last night’s pause, chartists warn, for crude oil futures are on the brink of a rally higher.<\/p>\n","protected":false},"author":3,"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\/59569"}],"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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/comments?post=59569"}],"version-history":[{"count":0,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/posts\/59569\/revisions"}],"wp:attachment":[{"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/media?parent=59569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/categories?post=59569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/staging.fnarena.com\/index.php\/wp-json\/wp\/v2\/tags?post=59569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}