{"id":141572,"date":"2021-10-13T06:48:48","date_gmt":"2021-10-13T06:48:48","guid":{"rendered":"https:\/\/precoinnews.com\/?p=141572"},"modified":"2021-10-13T06:48:48","modified_gmt":"2021-10-13T06:48:48","slug":"charts-suggest-the-oil-rally-is-living-on-borrowed-time-says-jim-cramer","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/charts-suggest-the-oil-rally-is-living-on-borrowed-time-says-jim-cramer\/","title":{"rendered":"Charts suggest the oil rally is living on borrowed time, says Jim Cramer"},"content":{"rendered":"<ul>\n<li>&quot;The charts, as interpreted by Carley Garner, suggest that this oil rally&#x27;s living on borrowed time,&quot; CNBC&#x27;s Jim Cramer said Tuesday.<\/li>\n<li>&quot;Sooner or later, she thinks crude will roll over as privately held producers flood the market with supply,&quot; the &quot;Mad Money&quot; host said.<\/li>\n<\/ul>\n<p>The jump in oil prices may run out of steam, CNBC&#x27;s Jim Cramer said Tuesday, based on technical analysis from commodities strategist Carley Garner.<\/p>\n<p>&quot;The charts, as interpreted by Carley Garner, suggest that this oil rally&#x27;s living on borrowed time. Sooner or later, she thinks crude will roll over as privately held producers flood the market with supply,&quot; the &quot;Mad Money&quot; host said.<\/p>\n<p>West Texas Intermediate crude futures traded around $80.50 per barrel Tuesday. On Friday, the U.S. oil benchmark breached the $80 per barrel level for the first time since November 2014.<\/p>\n<p>The rise in oil prices this year \u2014 WTI is up more than 60% year to date \u2014 comes as demand rebounds from pandemic-related slowdowns while supply remains tight.<\/p>\n<p>While big American oil producers appear to be showing more discipline than previous price spikes, Cramer said Garner believes smaller, privately held producers have a greater willingness to drill and take advantage of the situation.<\/p>\n<p> Last week there were 433 rigs running in the U.S., Garner noted, up from 172 in August 2020.<\/p>\n<p>Garner also sees seasonal trends that suggest oil&#x27;s rally could hit a wall and reverse course, Cramer said, pointing to a chart from Garner that shows oil&#x27;s seasonal performance over the past 30 years.<\/p>\n<p>&quot;Seasonality&#x27;s not the holy grail. The market often flouts these historical norms. However, Garner thinks it&#x27;s significant oil rallied hard and then got overbought right before the time of year when it usually peaks,&quot; said Cramer.<\/p>\n<p>Moreover, oil is approaching technical barriers that have materialized in a post-fracking world, Cramer said. Namely, he said, that is a ceiling of resistance around $84 per barrel.<\/p>\n<p>&quot;Unless we get some kind of major positive surprise here, Garner expects the oil rally to exhaust itself right here in the low eighties,&quot; Cramer said. &quot;If she&#x27;s wrong and we do get that breakout, she says the next stop could be $90, but she thinks that&#x27;s very unlikely.&quot;<\/p>\n<p>The momentum indicator known as the Relative Strength Index may also shed light on where oil is headed, Cramer said. Oil historically has rallied in &quot;three distinct waves,&quot; Cramer explained, and when it is moving between peaks, the RSI tends to fall while oil&#x27;s price goes up.<\/p>\n<p>That&#x27;s called &quot;negative divergence and it&#x27;s often a sign that the trend is about to reverse itself. Garner points out that this happened in 2014, 2018 [and] 2019 before major corrections, and now it seems to be happening all over again,&quot; he said.<\/p>\n<p>Questions for Cramer?<br \/> Call Cramer: 1-800-743-CNBC<\/p>\n<p>Want to take a deep dive into Cramer&#x27;s world? Hit him up!<br \/> Mad Money Twitter &#8211; Jim Cramer Twitter &#8211; Facebook &#8211; Instagram<\/p>\n<p>Questions, comments, suggestions for the &quot;Mad Money&quot; website? madcap@cnbc.com<\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/10\/12\/jim-cramer-charts-suggest-the-oil-rally-is-living-on-borrowed-time.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&quot;The charts, as interpreted by Carley Garner,<\/p>\n","protected":false},"author":3,"featured_media":141571,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Charts suggest the oil rally is living on borrowed time, says Jim Cramer - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/charts-suggest-the-oil-rally-is-living-on-borrowed-time-says-jim-cramer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charts suggest the oil rally is living on borrowed time, says Jim Cramer - 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