The Canadian Technician

The Oil Price Springs A Leak

Greg Schnell

Greg Schnell

Chief Technical Analyst, Osprey Strategic

$WTIC

Crude bounced off the top trendline and is headed into a seasonal weakness.

We will be looking for support at $92.50 and $91.00. What happens at those levels will be very important.

$WTIC 20130404
You can see that $BRENT has made a substantially lower high. Both $GASO and $HOIL are breaking down as well.

Time to be cautious. This is really important. $COPPER, $GOLD and $SILVER have all broken down. I see no reason for this chart to find support at the lower levels. But the market goes where it wants, not where I expect.

Good Trading,

Greg Schnell, CMT

Greg Schnell
About the author: , CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More