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Crude Oil Forecast and Technical Overview

Crude Oil Forecast and Technical Overview

Supply Cut rumors  helping Crude Oil’s recovery. As we have published in our latest analysis we expect the prices would be heading North.

Another Suplly Cut signal came from Russian side. Russia’s Energy Minister Alexander Novak was on the wires last minutes, via Reuters, commenting on the OPEC output policy.

Key Points:

Need to make balanced decision on OPEC production.

There has been no decision yet.

Russia is planning to sign an agreement on oil output with OPEC.

But this will be discussed in next month’s meeting.

Technically: The overall picture is still bearish. Crude Oil printed a flag pattern. It is trading below EMA 50 on H4 Chart which resides at 58.20. We need to see the price breaking above EMA 50 in order to talk about a midterm trend reversal. However, it is likely to test EMA 50 at 58.20.

Crude Oil prices is likely to trade sideways until the OPEC + meeting of December.

A bearish breakout of the flag pattern would lead to prices towards 52.00 – 50.00 USD. If we see a potential breakout opportunity we will pubslih our setup.

We stay bullish shorter term targeting 58.20.

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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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