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Crude Oil Forecast and Technical Analysis March 26th

Crude Oil Forecast and Technical Analysis March 26th

Fundamentals:

Crude Oil rally is triggered by the prospect of an extension to OPEC-led production cuts into next year. The Bullish sentiment improved after Saudi Energy Minister Khalid al-Falih said OPEC members would need to continue coordinating with Russia and other non-OPEC oil-producing countries on supply curbs in 2019 to reduce global oil inventories.

However; booming U.S. shale oil production could potentially derail OPEC’s effort to end a supply glut.

Let us take a look at the technicals.

Daily Chart: 

On the downside: We have 2 key levels to watch.  64.06 and 62.50. The bullish move will continue as long as the Crude Oil prices stay above 62.50.

On the upside: 66.41 67.19

On the downside: 65.63 64.84 64.06

Key Sub Levels for intraday trading:

Upside: 66.02

Down Side: 65.23 64.45

Summary:

We have Bearish ABCD pattern on the H1 chart and Bearish Gartley on M30 chart. We may see a pullback towards 65.63 – 65.23. If the price breaks below 65.23, 64.84 can be tested.

The main trend is strongly bullish and we plan to use pullback as buying opportunities.

We have a bearish crab harmonic pattern forming on the bigger chart timeframes. We have published the pattern and trade idea for premium members. We will wait for the price to reach the area of the entry to sell. However, our midterm target is 68.75 as long as the price holds above 62.50.

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

 

 

 

Crude Oil Forecast  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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