Crude Oil Forecast: Lack Of Demand, Trade Wars and Triangle Pattern
- Lack of Global Oil Demand
- Global Growth Concerns
- Trade Wars
The Head and Shoulders Pattern worked as predicted and we have reached our intraday targets.
As seen on the headline daily chart, Crude Oil is trading in a triangle.
The upside is capped by SMA 200 AT 57.60 and SMA 100 at 59.20.
Breakout of the triangle at 53.00 could accelerate the bearish move. 51.65$ and 50.00$ will be tested.
On the smaller chart; bullish cypher is active.
56.25 is the key resistance and potential pullbacks towards the resistance can be used as a selling opportunities.
We have 2 emerging patterns on the smaller charts. I will post them as soon as they become validated.
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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