Crude Oil Forecast and Technical Analysis March 26th
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.
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:
Down Side: 65.23 64.45
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.