{"id":41661,"date":"2018-12-14T09:31:18","date_gmt":"2018-12-14T14:31:18","guid":{"rendered":"https:\/\/olduvai.ca\/?p=41661"},"modified":"2018-12-14T09:31:18","modified_gmt":"2018-12-14T14:31:18","slug":"a-very-rare-setup-who-will-win-the-tug-of-war-in-the-oil-market","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=41661","title":{"rendered":"A VERY RARE SETUP: Who Will Win The Tug Of War In The Oil Market?"},"content":{"rendered":"<header class=\"entry-header clearfix\">\n<h3 class=\"entry-title\"><a href=\"https:\/\/srsroccoreport.com\/a-very-rare-setup-who-will-win-the-tug-of-war-in-the-oil-market\/\">A VERY RARE SETUP: Who Will Win The Tug Of War In The Oil Market?<\/a><\/h3>\n<\/header>\n<div class=\"entry-content clearfix\">\n<p>There has been a tug of war in the oil price over the past two weeks.\u00a0 Due to a very rare setup in the market, the oil price has traded in a very narrow range as traders fight it out to see who will win control\u2026 the BULLS or the BEARS.\u00a0 My bet is on the bet is on the bears.\u00a0\u00a0<strong>Amazingly, the oil price is literally stuck right between two critical technical levels.<\/strong><\/p>\n<p>Ever since the oil price peaked at $77 at the beginning of October, it has fallen $25 and is now trading in a tight volatile range between $50-$53.\u00a0 As we can see in the chart below, the oil price dropped to $50 at the end of November and now has been trading up and down with no clear direction:<\/p>\n<h3><strong>Oil Price Daily Chart (Each candlestick = 1 day of trading)<\/strong><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19566\" src=\"https:\/\/srsroccoreport.com\/wp-content\/uploads\/2018\/12\/WTIC-Daily-Chart-DEC13-2018.png\" sizes=\"auto, (max-width: 650px) 100vw, 650px\" srcset=\"https:\/\/srsroccoreport.com\/wp-content\/uploads\/2018\/12\/WTIC-Daily-Chart-DEC13-2018.png 1001w, https:\/\/srsroccoreport.com\/wp-content\/uploads\/2018\/12\/WTIC-Daily-Chart-DEC13-2018-768x587.png 768w\" alt=\"\" width=\"650\" height=\"497\" data-pagespeed-url-hash=\"1294510790\" \/><\/p>\n<p>Even though the oil price touched $54 for a few days, it has mostly been trading in a tight $3 range.\u00a0 In looking at this daily chart, we have no idea why the oil price is behaving in such a way.\u00a0 However, if we look at the longer-term monthly chart, we can see the apparent reason why.\u00a0 The oil price has been pushed between the 50 Month Moving Average (<strong>BLUE<\/strong>) and the 300 Month Moving Average (<strong>ORANGE<\/strong>):<\/p>\n<h3><strong>Oil Price Monthly Chart (Each candlestick = 1 month of trading)<\/strong><\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-19568\" src=\"https:\/\/srsroccoreport.com\/wp-content\/uploads\/2018\/12\/WTIC-Monthly-DEC13-MAG-2018.png\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" srcset=\"https:\/\/srsroccoreport.com\/wp-content\/uploads\/2018\/12\/WTIC-Monthly-DEC13-MAG-2018.png 1239w, https:\/\/srsroccoreport.com\/wp-content\/uploads\/2018\/12\/WTIC-Monthly-DEC13-MAG-2018-768x470.png 768w\" alt=\"\" width=\"700\" height=\"429\" data-pagespeed-url-hash=\"3936598173\" \/><\/p>\n<p>If you look at the magnified view, you will see that the oil price that closed today at $52.58 remains between these two moving averages.\u00a0 The large red candlestick shows the decline in the oil price in November as each candlestick represents one month of trading.<\/p>\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A VERY RARE SETUP: Who Will Win The Tug Of War In The Oil Market? There has been a tug of war in the oil price over the past two weeks.\u00a0 Due to a very rare setup in the market, the oil price has traded in a very narrow range as traders fight it out [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[2245,592,12073],"class_list":["post-41661","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-oil-market","tag-oil-price","tag-srsrocco-report"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=41661"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41661\/revisions"}],"predecessor-version":[{"id":41662,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/41661\/revisions\/41662"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=41661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=41661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=41661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}