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Crude Oil Forecast And Technical Analysis

Crude Oil Forecast And Technical Analysis

There is nothing new in the fundamentals.

  1. Global Oil demand is decreasing. OPEC and IEA lowered their global oil demand forecasts.
  2. WTO and IMF lowered their global growth forecasts.
  3. US-China trade war adds weight on oil prices.

There can be only one reason for the bullish Oil market near term: ARAMCO IPO

I have explained the reasons in my previous Crude Oil report. New members may read it: Crude Oil Forecast: Lack of Demand vs ARAMCO IPO

Technically:

Bearish Bat pattern is working at predicted. We sold at 57.00 and added short yesterday at 55.85. Oil prices tested 54.80 but failed to break below.

Crude Oil needs to make H4 Closing below 54.70 to continue its bearish move.

Upside Levels: 56.25 57.03 58.30  Upside is capped by Alt Bat

Downside Levels: 54.70 54.00 53.20

Trade Plan & Forecast: Closing below 54.70 is a short opportunity. Near term targets: 54.00 and 53.20. Closing below 53.00 could start afresh bearish wave towards 51.50.

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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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