Crude Oil Forecast and Technical Overview August 28th

Crude Oil Forecast and Technical Overview August 28th

Fundamentally, There is no important change in the bigger picture.

The Oil Prices broke above 54.70 due to 1) easing tensions in trade wars 2) the latest API data

The U.S. EIA report on crude oil inventories is due to be released at its regularly scheduled time on Wednesday at 10:30 a.m. EST.

Technically:

Near Term Bearish Trend remains as long as the Oil Prices stays below 56.25. Only a firm Daily Closing above 56.25 can change the near term trend from bearish to bullish. In this case, Bulls will try to send the prices 58.10.

On the smaller charts, 55.85 is the key resistance.

Bearish AB=CD would be completed at 55.86 on H4.

Bearish White Swan would be completed at 55.82 on H4.

• If trade wars stop Crude Oil prices should go up.
• ARAMCO IPO may be a catalyst for the bullish Oil Prices.

I will post the details of the patterns and trade setup later.

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