WTIC West Texas Intermediate Crude Oil Weekly Chart

Keystone highlighted the falling wedge, oversold conditions and positive divergence (green lines) expecting a possie d launch, which occurs with oil price jumping from 26 to 34 over the last couple weeks. The stochatics are long and strong hinting at a higher high for price after any pull back occurs. Watch for the MACD positive cross (green and red lines) which would indicate higher oil prices ahead.

The lower standard deviation band violation was highlighted a couple weeks ago and price bounces with a target of the middle band at 40.46 and falling on the table. Price will likely want to kiss the middle band which would be expected anytime over the next couple-three weeks at the 36-41 range.

So the expectation is for more buoyancy in oil prices but it is dependent on the news flow as evidenced last week. Oil prices jumped on news of a potential meeting with the OPEC, non-OPEC nations and Russia that were to agree on a 5% oil production cut. Oil prices soared higher. Then Iran and Russia threw a wet blanket on that news so oil prices relaxed.

Today, Sunday, the Saudi's are back at it talking about the need for cooperation among oil producers to lower oil production. If a meeting and production cut occurs from the oil producers the WTIC price will likely jump to tag that middle standard deviation band in a heartbeat. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.