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Crude Oil Prices reached the psychological support Update: First Target Reached

Crude Oil Prices reached the psychological support

Is this bottom for Crude Oil prices? Will OPEC let the prices go below 50.-USD ?

The UAE Energy Minister Suhail al-Mazrouei: there is a risk of build up in OIL inventories in 2019 but remain confident that OPEC+ will act to prevent inventory buildup next year consensus building.

• Confident OPEC+, including Russia ready to support a decision in Dec. to balance the OIL market.
• OPEC will do what is needed to keep the market stable.
• OIL  production is above expectations.
• We need to change our strategy to adjust production.
• Our strategy would require us to reduce OIL production.
• UAE will support OPEC decision to balance the market in Dec.
• We have cut in the past and adhered to our output target.
• If we need to cut again, we will do it.

Technically: Crude Oil Prices reached the demand zone and psychological support. Crude Oil is trading at 55.38 in spot markets.

Nice Buying Opportunity with good risk reward ratio:

Stop: 54.00 

Entry: 54.80

Targets: 56.25 / Target Reached

               57.80

               58.40

 

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DISCLAIMER: This is a technical analysis study, not an 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.

 

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