Oil Prices: Confirmed Top, Is $20 Possible?

Technical Analysis Expert & Editor @ GoldPredict.com
July 8, 2016

Over the last few months, I've read compelling arguments supporting lower oil prices. Many oil producers continue producing oil just to meet their debt obligations, no matter what the price. Saudi Arabia is losing its influence as a functioning cartel, and it's nearing financial desperation. Oil storage facilities across the globe are approaching capacity. Once full, that excess oil will be put to market. All these factors add up, and equal lower oil prices.

WTIC Chart Analysis

Prices closed significantly beneath the 50-day EMA confirming the $51.67 intermediate cycle top. Prices should now continue lower into an August low. If Shilling is right about $20.00 oil, prices will bounce from an August low, approximately 6-weeks, and then drop into January.

Oil prices are headed lower, we will just have to wait and see how low.

AG Thorson is a registered CMT through the MTA and an recognized expert in technical analysis of the precious metals markets. He is also the Editor of GoldPredict.com where members receive daily updates and regularly scheduled reports 3-days a week. He prides himself on making his analysis easy to understand through the use of adaptive and creative charting methods. You can reach AG at [email protected].

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