Crude Oil Forecast: Adam&Eve Double Bottom Pattern Completed
I will keep the fundamental part very short because I hate repeating the same sentences.
My previous Oil Reports: Crude Oil Forecast: Crude Oil fell with China’s Plan To Tax U.S Crude Oil
- Lack of demand. The slowdown in global economies.
- If there is no demand, the supply part of the game loses its importance.
- Even the drone attack on Aramco facilities could not send the prices above 63$.
- Trade talk optimism and tanker attack helps Oil prices to recover near term – Just a technical correction –
Bloomberg summarized the matter: “It May Take More Than a Tanker Attack to Quell Oil Short-Selling”
The real sell-off and short game in Crude Oil prices have not started yet.
I keep my Crude Forecast unchanged: Throwbacks are selling opportunities
Our Price Forecast:
Medium Term: 48.50$ 46.90$
Long Term: 44.00$ 38.00$ 32.00$
What about the upcoming week?
We may see a recovery / technical correction in Crude Oil prices due to Trade Talk optimism.
As I updated and posted in the Live Interactive Charts, we see a bearish black swan pattern in the H1 chart at 55.00. However, the Oil Prices tested this level on Friday – completed Bearish Crap pattern – and dropped 120 pips. Following the news about Trade Talks, prices recovered.
As seen on the headline H4 Chart, Adam&Eve Double bottom pattern completed. If the Crude Oil price succeeds to hold above 54 $, it is likely to test 55.47 and 56.10$. ( The structural target of the Adam&Eve Double Bottom Pattern is 56.20 )
A bearish Bat pattern would be completed at 56.20$
My trade plan is to re-sell the Crude Oil at 55.15 and 56.20. My near term target is 50.20.
Important Note: New patterns may appear and some emerging patterns may become invalidated. We publish our live charts D1 H4 H1 and M30 with updates and entry alerts. – Members Only –
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
CRUDE OIL FORECAST Adam&Eve Double Bottom Pattern: 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