Crude Oil Forecast and Technical Analysis
The picture is not promising for Crude Oil Bulls.
The main problem is the Global Oil Demand.
Geopolitical risks and OPEC+ Supply Cut can not help oil prices because there is a lack of demand.
IMF lowered the Global Growth projections. IEA reduces its Oil Demand Growth projections.
In the near term, geopolitical risks can be the only reason for bullish market. Saudi Arabia needs higher prices for Aramco’s IPO. But if there is no demand, cutting the supply could only a temporary solution which is not sustainable.
Near-term selling pressure remains as long as the prices stay below 58 $. Only a firm closing above 58 $ may change the near term overview and we may see the prices testing 59.40 $ – 60.00 $.
On the downside, we have two target levels : 55.40 $ and 54.70 $
Breakout of 54.70 will add weight on the prices and we could see 53 $ per barrel. At this level we expect the bulls to be more defensive.
We have a few pattern to trade intraday.
Our strategy is to sell the potential pullbacks and book profit at 53 $
Now we wait for the breakout to add short. Entry notification will be sent to members.
VERIFIED ACCOUNT AND SETUP RESULTS
Subscribe to our premium packages if you would like to get 1000+ instruments analysis and trade signals of Chartreadreadepro.
You can contact us via Skype User Name: Chartreaderpro
DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
CRUDE OIL: 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