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Crude Oil Forecast: 49 USD was the bottom? TP2 Reached

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.

Technically:

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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DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money

Crude Oil Forecast:Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

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