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Trading Lessons

Crude Oil Prices Start to Breakout

Commodities / Crude Oil Jun 19, 2013 - 11:48 AM GMT

By: Donald_W_Dony

Commodities

Following the May 25, 2013 Market Minute titled "Is oil about to breakout to higher levels?", Light crude prices have moved over a resistance level that have contain the commodity for over six months. As this transition is in its early stages, several additional days of price advancement will be required to confirm the breakout. Nevertheless, WTI prices are firming and signals a change in traders attitude toward this commodity.


Energy stocks, which usually front run the underlying oil, are also displaying a more positive tone. Having broken above the resistance line of $79.50 in May, the SPDR Energy Sector ETF has now completed its pull back in early June and is now starting to rebound.

Energy companies such as Emerald Oil Inc. (EOX), Newfield Exploration (NFX) and Marathon Oil (MRO) look particularly positive on the sector advance.

Bottom line: The energy sector (XLE) is suggesting that the breakout in Light crude prices will continue. It also indicates that traders believe that world economies will remain upbeat in the second half of 2013.

Once WTI moves over $99, then the project target will be $115.

By Donald W. Dony, FCSI, MFTA
www.technicalspeculator.com

COPYRIGHT © 2013 Donald W. Dony
Donald W. Dony, FCSI, MFTA has been in the investment profession for over 20 years, first as a stock broker in the mid 1980's and then as the principal of D. W. Dony and Associates Inc., a financial consulting firm to present.  He is the editor and publisher of the Technical Speculator, a monthly international investment newsletter, which specializes in major world equity markets, currencies, bonds and interest rates as well as the precious metals markets.   

Donald is also an instructor for the Canadian Securities Institute (CSI). He is often called upon to design technical analysis training programs and to provide teaching to industry professionals on technical analysis at many of Canada's leading brokerage firms.  He is a respected specialist in the area of intermarket and cycle analysis and a frequent speaker at investment conferences.

Mr. Dony is a member of the Canadian Society of Technical Analysts (CSTA) and the International Federation of Technical Analysts (IFTA).

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