Here a nice traditional price technical round up by the tech team at BarCap.
Barcap-wklyglobaltech-28-10-13
To counter the above tech bearish view on WTI, post the likely near term bounce, here a Barcap, more bullish, fundamental perspective re the troubles in supply from Libya and Iraq, released yesterday.
barcap-oil-fundamentals-28-10-13
Last week, sector wise the European oil sector broke out convincingly of her 3 year wedge pattern. This week the move has gathered considerable momentum. Breakouts from these sorts of patterns are usually meaningful and is usually driven by insider or smart capital that has an inside track on what is coming. I would there fore watch the underlying WTI and Brent contracts closely here. The sector was cheap vs its peers but its now seeing both yield compression as well as improved earnings. I’ve been over weight the sector for the last few years. The breakout dictates a hold to test if an decent deviation or overvaluation can be seen.
Rich