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CRUDE OIL Forecast and Technical Analysis 02-07-2018

CRUDE OIL Forecast and Technical Analysis 02-07-2018

At the end of the week, US President Trump announced that they agreed to make 2 million barrels/day additional production with Saudi Arabia, followed by a denial by the White House / Saudi Arabian authorities Crude Oil prices pulled back to 72.60. However, we saw the demand at 72.60 and price went up. It is trading at 73.50 as of writing.

The United States’ attempts to cover the shortage of supply that may arise from the limitation of petroleum imports from Iran (excluding China and Turkey 1:58 million barrels/day)  would have a limited impact to the medium-term pricing. At this point, Russia and Saudi Arabia will play an important role.

In addition to Iran,  the interruptions in Libya and Venezuela and the existing limited/inadequate pipeline capacity of the  US rock oil market give the sign of the continuation of the Bullish Move.

Our midterm prediction is 76.53- 78.20 region.

The key levels for day traders are as follows:

On the downside:  If Crude Oil makes an H1 closing below 73.40, we might see the price testing the MM 5/8 72.66 and 72.40 SMA support of the Daily Chart. Below this level, 71.87 is the possible pullback level which can be used as buying opportunity.

On the upside: A few H1 closings above 73.40, will carry the price 74.21, 74.97 and 75.74.

We plan to use pullback as buying opportunity.


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



Crude Oil Forecast:  Forex Trading involves 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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