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Market Insight: Crude Oil

By Vadim Pokhlebkin
Tue, 15 Jan 2013 21:15:00 ET
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The Wall Street Journal reported early on January 15 that crude oil futures fell over in Asia on concerns over the reduced oil demand in the region.

If you look at the price action closely, though, you'll see that crude fell on January 14, then rose again later the same day, then fell a little in Asian trading, then rose some more on January 15 -- before erasing the rally that same day.
In other words, there's been a lot of up and down, but not a whole lot of up OR down. The market remains "uncommitted" to a trend.
Here's what the chart of crude looks like since the start of the year; January 14 and 15 are circled in red. (Copied from EWI's Energy Specialty Service; Elliott wave labels not shown.):
However, EWI's Chief Energy Analyst, Steve Craig, has been tracking an Elliott wave count on a daily chart which, if correct, portends a move of at least $20 -- and soon.
The latest forecasts inside Energy Specialty Service tell you in which direction crude should move next. (You also get support and resistance price levels that could be used to help manage position risk.)



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