Walter Zimmermann at United-ICAP explains why Wall Street analysts have had such a poor track record in forecasting crude oil prices. He gives 5 reasons why the recent decline in prices was not anticipated by analysts.
Commodities & Energy
Elliott Wave forecasts for WTI crude have been effective in anticipating the decline in oil and suggests that the price has further to fall, says Walter Zimmermann at United-ICAP. 2011 projections showed Fibonacci levels targeting $45. Forecasts now from an ABC correction target WTI at $25.
A bottom may be in place for the Brent – Gas Oil crack spread, according to Walter Zimmermann, Senior Technical Analyst at United-ICAP.
Brent crude needs to get back above the $50 level this week to activate upside targets, according to David Linton, Chief Executive at Updata.
Brent crude is looking very bearish, but seasonal cycles may result in a recovery from around now, according to David Linton, Chief Executive at Updata.
After an extended multi-month sideways consolidation, gold has registered bullish breakouts against a number of currencies, says George Davis, Chief FIC Technical Analyst at RBC Capital Markets.
The next week or so may well be crucial for the future direction of gold, according to Andy Dodd, Head of Technical Research at Louis Capital Markets.
The sell-off in crude oil is about to end, says Chris Williams, Senior Broker at Newedge.
The price of West Texas Intermediate (WTI) Crude Oil Futures continues to slide and Ari Wald, Technical Analyst at Oppenheimer, warns against speculating how far it will fall.
Brent crude is looking very bearish, but seasonal cycles may result in a recovery from mid-January, according to David Linton, Chief Executive at Updata.