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Bear Flag' Signals a Decline in Oil Price to Near $60: Techn

Bloomberg -- Crude oil is set for a drop to near $60 a barrel, extending a descent started in May, according to a technical analysis by independent analyst Jim Stellakis.

“Last month’s breakdown in crude oil is continuing the longer-term bearish pattern which was started by the May decline,” Stellakis said. The bear flag pattern is signaled after a break occurs below a rising trading range.

Crude oil for October delivery fell 27 cents, or 0.4 percent, to $73.64 a barrel at 10:07 a.m. on the New York Mercantile Exchange. Prices for October dropped 9.4 percent in August, pushing futures below the support level. The contract lost $14.05, or 15 percent, in May.

The price target, expected over the next couple months, was derived by taking the length of the initial decline in May and projecting it lower f

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Submitted Sep 02, 2010 By: pcon34

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DrLyon Champion Author Michigan Posts:4,444 Points:752,810 Joined:May 2006	Message Posted: Sep 4, 2010 9:44:15 PM Ignore DrLyon Report Abuse Below $60 okay with me...
honda0105 Champion Author Tallahassee Posts:15,266 Points:1,142,300 Joined:Nov 2008	Message Posted: Sep 3, 2010 8:53:52 PM Ignore honda0105 Report Abuse vandamme: I agree about the SUV buying.
honda0105 Champion Author Tallahassee Posts:15,266 Points:1,142,300 Joined:Nov 2008	Message Posted: Sep 3, 2010 8:52:47 PM Ignore honda0105 Report Abuse headhog: no explanationa needed, only one word: GREED.
FPLREP Champion Author Virginia Posts:5,738 Points:1,985,185 Joined:Oct 2005	Message Posted: Sep 3, 2010 8:10:21 AM Ignore FPLREP Report Abuse Nice to read even it is a dream. They are always looking for a reason to raise prices not drop them.
vandamme Champion Author New York Posts:1,018 Points:117,800 Joined:Nov 2008	Message Posted: Sep 3, 2010 7:53:58 AM Ignore vandamme Report Abuse Tech analysis is done mathematically to project trends based on past performance. Same as a school of fish, and can also be self-fulfilling. Fundamental analysis might show that the trend has a solid basis. The economy is still bad, winter is coming, natural gas is slumping. Longer term, fuel efficiency and alternate energy are going to slow price increases. If the recovery happens, though, the dummies will go back to buying SUVs.
Dr Gas Champion Author Twin Cities Posts:2,411 Points:300,760 Joined:May 2004	Message Posted: Sep 3, 2010 7:47:15 AM Ignore Dr Gas Report Abuse Yea, and I've got a tree in my yard that I can get $20 bills from!
ENORMS Champion Author Colorado Posts:3,014 Points:1,172,310 Joined:Sep 2006	Message Posted: Sep 3, 2010 5:41:07 AM Ignore ENORMS Report Abuse I will believe it when I see it.
silverfox63 Champion Author Michigan Posts:5,804 Points:1,155,770 Joined:Oct 2008	Message Posted: Sep 3, 2010 4:53:34 AM Ignore silverfox63 Report Abuse Right now I don't believe a word Bloomberg says. I doubt the prices will fall that much as they are saying.
NekoSJG Champion Author San Jose Posts:3,230 Points:570,805 Joined:Jun 2010	Message Posted: Sep 3, 2010 2:49:28 AM Ignore NekoSJG Report Abuse The "May descent" fell to $67 and then rose to more than $80 in August...
runout9 Champion Author New Jersey Posts:3,144 Points:958,700 Joined:Dec 2008	Message Posted: Sep 3, 2010 1:21:07 AM Ignore runout9 Report Abuse $60.00/bbl would be good, $40.00/bbl would be great!
genef01 Champion Author Nashville Posts:2,611 Points:834,680 Joined:Jul 2008	Message Posted: Sep 3, 2010 12:54:01 AM Ignore genef01 Report Abuse Don't believe all you read, particularly from Bloomberg.
jadeusa Champion Author Dallas Posts:6,895 Points:1,370,985 Joined:Sep 2005	Message Posted: Sep 3, 2010 12:52:25 AM Ignore jadeusa Report Abuse going down in price- just hope that pump price goes down also.
UseLessGasFolks Champion Author Iowa Posts:3,098 Points:837,005 Joined:Jul 2007	Message Posted: Sep 3, 2010 12:48:20 AM Ignore UseLessGasFolks Report Abuse Yes but the cool thing is the rich are greedy and greed breeds insanity.
defcon7 Champion Author St. Louis Posts:1,557 Points:197,525 Joined:May 2009	Message Posted: Sep 3, 2010 12:41:21 AM Ignore defcon7 Report Abuse It wouldn't matter if it dropped to 40 dollars a barrel, they still wouldn't want to sell it below 2.00 a gal.! It would be like pulling teeth to get them to drop the price that low.
BobD2009 Champion Author Long Island Posts:4,582 Points:774,835 Joined:Apr 2009	Message Posted: Sep 3, 2010 12:41:08 AM Ignore BobD2009 Report Abuse I can go for $60 a barrel.
HA4CNN Champion Author Toronto Posts:3,459 Points:1,099,640 Joined:Dec 2006	Message Posted: Sep 3, 2010 12:39:45 AM Ignore HA4CNN Report Abuse I hope the bear flag doesn't get burnt by another hurricane or oil disaster.
LostToo Champion Author Illinois Posts:3,120 Points:716,680 Joined:May 2009	Message Posted: Sep 3, 2010 12:38:27 AM Ignore LostToo Report Abuse OKAY.... Lets say it drops to that price..... Within no time at all they will stage something to make the price go back up the same week.
hubcapLA Champion Author Louisiana Posts:2,559 Points:663,605 Joined:Apr 2009	Message Posted: Sep 3, 2010 12:31:50 AM Ignore hubcapLA Report Abuse I agree with Number43.
AKmailman Champion Author Alaska Posts:3,298 Points:1,099,495 Joined:Jul 2004	Message Posted: Sep 3, 2010 12:31:12 AM Ignore AKmailman Report Abuse the price of oil may further drop - but here we don't see a drop in gas prices
250FORD Champion Author Minnesota Posts:8,265 Points:1,303,335 Joined:Feb 2007	Message Posted: Sep 3, 2010 12:30:31 AM Ignore 250FORD Report Abuse $60 is closer to where it should be, but it has a long way to go.
CobraLeader Champion Author New Jersey Posts:267,902 Points:1,200,750 Joined:Apr 2007	Message Posted: Sep 3, 2010 12:30:20 AM Ignore CobraLeader Report Abuse ... Don't believe it! Speculators won't let it happen! ...
Number43 Champion Author Lexington Posts:6,298 Points:1,190,855 Joined:Oct 2008	Message Posted: Sep 3, 2010 12:28:30 AM Ignore Number43 Report Abuse If this was a real market I would believe that crap. But the filthy rich are buying up and controlling the contracts so oil will instead go up to around $82.00 a bb. There is no market just a bunch of rich S O B's robbing the people blind.
beachbumCA Champion Author Riverside Posts:10,459 Points:1,206,350 Joined:May 2008	Message Posted: Sep 3, 2010 12:27:06 AM Ignore beachbumCA Report Abuse Down down goes the price. Price is about 10 cents off in the past week. (GOOD)
roadrunnerMO Champion Author Kansas Posts:5,991 Points:1,233,260 Joined:Jul 2008	Message Posted: Sep 3, 2010 12:22:37 AM Ignore roadrunnerMO Report Abuse Up in SE Kansas and SW Missouri area as well.
TIGERPAW46 Champion Author Florida Posts:5,158 Points:965,885 Joined:Mar 2004	Message Posted: Sep 3, 2010 12:21:40 AM Ignore TIGERPAW46 Report Abuse It should only be around $60 /brl. But just yesterday the news said it went back up a couple dollars to $74 due to reports of improved manufacture output. Also our local prices rose around &.06 /gal last two days. I believe they just raised pump prices due to Labor day coming and the hurricanes near the US. Any excuse Any couple dollar increase in oil per brl. the same day should not have reflected in pump price increase when oil has been pretty steady downward for couple months now.
thepi Veteran Author Twin Cities Posts:464 Points:980,470 Joined:Nov 2001	Message Posted: Sep 3, 2010 12:21:13 AM Ignore thepi Report Abuse Ok, so why did the pump price go up in the Twin Cities almost a dime a gallon again today? That's thirty cents a gallon in the past two weeks.
9C1 Champion Author Chicago Posts:20,403 Points:3,788,910 Joined:Jul 2001	Message Posted: Sep 3, 2010 12:20:40 AM Ignore 9C1 Report Abuse More speculation from the right-wing media conglomerate.
SilliesRock Champion Author Detroit Posts:1,344 Points:821,110 Joined:Oct 2008	Message Posted: Sep 3, 2010 12:14:48 AM Ignore SilliesRock Report Abuse $60 oil? Let's hope.
WhiteTreeIndian Champion Author New Jersey Posts:3,378 Points:667,470 Joined:Dec 2009	Message Posted: Sep 3, 2010 12:14:32 AM Ignore WhiteTreeIndian Report Abuse Finally some good news for us on the consumer side.
JoeKR Champion Author New Jersey Posts:7,248 Points:1,415,790 Joined:Feb 2006	Message Posted: Sep 3, 2010 12:07:57 AM Ignore JoeKR Report Abuse My hope is that a large number of oil speculators are wiped out for slavishly following graphs rather than fundamentals.
craigsf38 Champion Author Rochester Posts:3,420 Points:1,046,140 Joined:Jun 2008	Message Posted: Sep 3, 2010 12:04:20 AM Ignore craigsf38 Report Abuse greed will not let it go that low may by November then we might w a season low price at he pump mid December
Prodaddy Champion Author Houston Posts:6,063 Points:1,432,095 Joined:May 2007	Message Posted: Sep 2, 2010 11:48:51 PM Ignore Prodaddy Report Abuse I hope it stays that way
camel1 Champion Author Minnesota Posts:6,050 Points:1,816,515 Joined:Jul 2006	Message Posted: Sep 2, 2010 11:48:48 PM Ignore camel1 Report Abuse $60 oil sounds good. This prediction needs more media attention to make it happen.
TBONE3 Champion Author Pennsylvania Posts:6,388 Points:1,510,745 Joined:Mar 2005	Message Posted: Sep 2, 2010 11:47:21 PM Ignore TBONE3 Report Abuse This is all contingent on the situation remaining as it is now which would nor include more explosions or hurricanes, etc.
Bus561 Champion Author Lexington Posts:14,076 Points:2,753,105 Joined:May 2004	Message Posted: Sep 2, 2010 11:46:48 PM Ignore Bus561 Report Abuse Well if it is supposed to go down this far, then why did it jump up just this weekend at the pumps? The real reason is just plain old legal stealing because some stations went up by .35 cents per gallon. If this isn't gouging, then what is it?
MahopacJack Champion Author New York Posts:5,900 Points:1,181,550 Joined:Feb 2008	Message Posted: Sep 2, 2010 11:31:22 PM Ignore MahopacJack Report Abuse Were it that simple we could all make money by buying or selling oil futures. It isn't.
joel27nc Champion Author Raleigh Posts:8,157 Points:1,392,445 Joined:Mar 2008	Message Posted: Sep 2, 2010 11:27:07 PM Ignore joel27nc Report Abuse I thought this had something to do with California.
STLcardsfan All-Star Author St. Louis Posts:542 Points:996,020 Joined:Apr 2006	Message Posted: Sep 2, 2010 11:26:06 PM Ignore STLcardsfan Report Abuse I'd like to see $60, then drop
graceman Champion Author Baltimore Posts:3,230 Points:819,140 Joined:Jun 2008	Message Posted: Sep 2, 2010 11:24:32 PM Ignore graceman Report Abuse IT SHOULD BE CHEAPER THAN THAT.
EVBuddy Champion Author Nevada Posts:14,338 Points:2,568,640 Joined:Sep 2004	Message Posted: Sep 2, 2010 11:23:41 PM Ignore EVBuddy Report Abuse Anybody can say anything. I could drop to $40 also. It has done that in recent history.
tedjm1 Champion Author New York Posts:3,540 Points:389,685 Joined:Dec 2006	Message Posted: Sep 2, 2010 11:22:44 PM Ignore tedjm1 Report Abuse Where are the lowering prices?
kingofcode Champion Author Florida Posts:1,554 Points:437,585 Joined:Jun 2010	Message Posted: Sep 2, 2010 11:22:39 PM Ignore kingofcode Report Abuse PRICES ALREADY GOING UP HERE
Rageagainsttm Champion Author Tampa Posts:6,009 Points:1,447,195 Joined:Jul 2007	Message Posted: Sep 2, 2010 11:21:29 PM Ignore Rageagainsttm Report Abuse So why do I see gss prices going up? Gouging? Holiday? Both?
LoneGuy Champion Author Lansing Posts:6,148 Points:1,856,780 Joined:Aug 2005	Message Posted: Sep 2, 2010 11:20:32 PM Ignore LoneGuy Report Abuse I heard that oil was up to about $71 a barrel on Thursday.
Insuremn Champion Author Twin Cities Posts:2,596 Points:567,390 Joined:May 2010	Message Posted: Sep 2, 2010 11:19:40 PM Ignore Insuremn Report Abuse Gas went up 12 cents today at two stations within a 1 of me. Look for higher Federal gas taxes if that price drop happens.
mapelle621 Rookie Author Montreal Posts:71 Points:24,450 Joined:Nov 2009	Message Posted: Sep 2, 2010 11:15:54 PM Ignore mapelle621 Report Abuse it would be nice for prices to actually drop for once. sad though that a rig will probably blow up and a gas station employee will call in sick just before that happens and prices will go way up
DustyHorse Champion Author Virginia Posts:4,021 Points:978,665 Joined:Oct 2008	Message Posted: Sep 2, 2010 11:12:18 PM Ignore DustyHorse Report Abuse Gas prices are slowly moving down. I believe crude is overpriced at $60 a barrel.
Blue_Cruzer Champion Author Lexington Posts:5,152 Points:1,202,725 Joined:Mar 2007	Message Posted: Sep 2, 2010 11:12:14 PM Ignore Blue_Cruzer Report Abuse Prices up around here, big time.
idigau22 Champion Author Washington Posts:20,212 Points:2,804,100 Joined:Apr 2003	Message Posted: Sep 2, 2010 11:12:01 PM Ignore idigau22 Report Abuse Yawn!!
traindude Champion Author Virginia Beach Posts:5,614 Points:1,245,430 Joined:Jun 2007	Message Posted: Sep 2, 2010 11:10:15 PM Ignore traindude Report Abuse inverse pump-enomics