The Market Perspective: Oil Prices Continue to Drop

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« Stock Stall Friday, Oil Down 9% | Main | Oil Breaks Support, Internals for Stocks Near Make or Break »

August 20, 2014

Oil Prices Continue to Drop

Wednesday August 20, 2014

OIl in the Permian Basin is going for $71, and falling to the low 90s in Cushing Ok, the delivery point for the New York Mercantile Oil Contract.

Crude oil dropped over 2% yesterday. I have ben wondering for some time why oil prices are so hgih when the world is awash in oil production. Now that fact is coming to fore.

I have placed two expoenntila moving averages of 13 and 34 days in the graph. The 13 crossed over the 34 in July signalling a downturn for real in price. Teh clear next target is 91, if no lower.

This may potentiall be a big pothole on the road to the oil field boom in the Eagle Ford and the Permian Basin.

XES

Tha huge down day in late July looks a lot more like a third wave component. The MACD is mvoing a bit but that may just be a fourth wave at work. This bears watching for further breakdown.

CHeck out No Love for Oil Service Stocks

Posted at 04:46 PM | Permalink

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The Market Perspective

Market Commentary by Dennis Elam [email protected]

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