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Crude Oil Forecast: Lack of Demand drives the Oil Prices

Crude Oil Forecast: Lack of Demand drives the Oil Prices

We keep our strong bearish bias unchanged in Crude Oil prices.  Our reason is clear: Lack of demand due to slow down in Global Growth.

The latest Chinese data set confirms our view.

Technically:

Crude Oil is printing a triangle in the smaller chart timeframes.

53.13 is the key intraday support. After the breakout of the 53.13 support, we will wait for 52.73, and 52.34 $.

Api Stock data is scheduled to release. A worse than expected data would send the price 51.25.

A bullish harmonic crab pattern would be completed at 51.25. Intraday/ Retail traders may use this pattern as a shorter-term buying opportunity.

As mentioned in our forecast published in August, our medium-term targets are 50, 48.20 and 46.50.

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DISCLAIMER: This is a technical analysis study, not 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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