Crude Oil Forecast: 49 USD was the bottom?
The reasons for the sell off on Crude Oil prices:
- Over supply concerns
- Global growth concerns
- Trade wars and risk off concerns
Global Demand: 95 Million Barrel
Global Supply: Over 105 Million Barrel
What does the market expect from OPEC meeting?
The general expectation at the meeting on December 6 is that the Saudis and the Russians agree on a cut of between 500,000 and 1.4 million barrels per day.
Crude Oil prices tested the Ichimoku Cloud base Senku Span A and recovered. 50.00 USD is the psychological support level for the prices.
On the weekly chart, the prices is below the lower Bollinger Band indicating the over sold market.
On the daily charts, the breakout of the rising trend line and the recovery trend after hard sales are noteworthy. The resistance of 51.48 USD is critical, and the closing above this level may indicate a base formation at 49 USD.
What can be done:
Long Term Traders ( Investors )
Buy : at 51.48
Stop: Below: 49.00
Target 1: 52.90 / reached
Target 2: 53.40 /reached
Target 3: 54.60
Target 4: 56.25
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