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Crude Oil Forecast And Technical Overview

Crude Oil Forecast And Technical Overview

We have reached our second target at 53.40 on Crude Oil.

Crude Oil Forecast: 49 USD was the bottom?

A last minute news are on the wires :

Qatar’s Energy Minister Saad al-Kaabi told a news conference Monday that the country would withdraw from OPEC on January 1, 2019.
The country’s energy minister said the move represents a “technical and strategic” change, Reuters reported, and was not politically motivated.

Another news came from G20:

Putin Says Russia, Saudi Arabia Will Extend OPEC+ Oil Pact…Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts.

“There is no final decision on volumes, but together with Saudi Arabia we will do it,” Putin told reporters about extending the agreement in Buenos Aires. “And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly.”

Technically:

On the smaller charts we have deep crab pattern confirming a minor correction.

As seen on the H4 Chart, Bearish Trendline has been broken.

Pullbacks towards 53.00 and 52.50 can be used as buying opportunities targeting 54.90, 57.50 and 61.42.

 

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DISCLAIMER: This is a technical analysis study, not an 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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