Futures Point to Short-Lived Bounce in Oil Price

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Oct. 28 (Bloomberg) -- Bloomberg's Julie Hyman and Bloomberg Tradebook’s Greg Bender, put futures in focus with a look at the price of oil in "On The Markets." They speak on Bloomberg Television's "In The Loop."

Down trend in oil over the longer term.

Supplies have been dealt their supplies have been building, which is one of the obstacles going higher.

Do you expect it to continue through wednesday's inventory report?

Big picture, right off that 100 -- that 200 day moving average -- we had a lot of selling, which was absorbed in the market unless they.

And we had what is called a dojo candlestick, and the opening price is equal to the closing price.

(the closing price.

All of the selling has been exhausted.

We actually had a balance this morning or yesterday's highs.

That would seem to indicate a more bullish trend or at least a more neutral trend.

You think the fundamentals are more to the bearish side?

Fundamentals are bearish.

The question traders are asking going into wednesday doe numbers is does this balance of the $96 low on thursday?

Bounce maybe up to the $100 level, where we sold off last week.

Which do you think it is?

The charts are saying we're going to bounce up to $100, $102, where reid broke down from the last couple of weeks.

Then i think we are going to see more selling coming to the market at that level.

We do not know that now but that is one of the scenarios we're looking at.

It would be a short-lived bounce.

I know this charts are mostly concentrated on the shorter- term.

Do continue to see a building in supplies, relatively weak demand?

The commodity curve or the futures curve has shifted a little bit.

December is trading at a discount to january, which is a little did different from what we have seen.

That is all we have time for.

We will talk with you once again soon.

We will be on the markets again in 30 minutes.

This text has been automatically generated. It may not be 100% accurate.

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