Crude Oil Forecast And Technical Analysis 07-09-2018
Crude Oil price continues rising after Friday’s data showing inventories fell three years low.
Several times I have written that the pullbacks must be used as buying opportunities. In my latest analysis, I tried to explain in the historical charts that oil price is likely to hit 82-83 USD medium term.
Same price action was seen in the Summer of 2009. You can view the details :
72.00 USD was our first buy level and Crude Oil is trading at 74.08 as of writing. It rose almost 200 pips so far.
I put my reasons for higher prices in my last week’s article and there is no change fundamentally:
Technically Crude Oil Forecast of today:
Upside: 74.20 and 74.62 are the minor targets. And 75.02 is the main resistance. If DXY falls below 93.70, we may see the Crude Oil prices hit 75.39 and 75.80.
Downside: 73.81 73.43 and 73.02.
Conclusion: Bullish pressure will remain as long as the prices hold above 72.00. A break below 72.00 may lead the price 70.31 and 68.50 midterms. And those levels are the perfect levels to buy Crude Oil targeting 82.00 USD.
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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.