US Crude Oil 4H : waiting for meeting of the members of OPEC
USOIL
New forecast
The price perfectly fulfills my last idea and price reached to our target .
On Wednesday, there is a meeting of the members of OPEC Plus, and the decision is in their hands. Increase production. We will witness a decrease in prices. Extending the reduction, we will witness an increase in prices.
Additionally tomorrow we have US crude oil stocks and it will affect on the market .
Technical abstract :
The price of oil is trading with noticeable positivity, attacking the 88.32 level and trying to stabilize above it, which requires attention in the upcoming trading, as stability above this level will stop the bearish corrective scenario and push the price to try to restore the main upward trend again and support the price to reach 91.14 and 92.48 again .
Therefore we expect the upward trend in the coming period supported by bullish channel .
Taking into account breach and stabilized under 87.75 will push the price to be under sell pressure and will postponed the bullish attempts
Additionally ,Today News will affect the market .
I prefer don't trade in this moment until tomorrow to know what the OPEC plus will do .
support line : 91.14 , 90.55
resistance line : 92.48 , 94.02
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
New forecast
The price perfectly fulfills my last idea and price reached to our target .
On Wednesday, there is a meeting of the members of OPEC Plus, and the decision is in their hands. Increase production. We will witness a decrease in prices. Extending the reduction, we will witness an increase in prices.
Additionally tomorrow we have US crude oil stocks and it will affect on the market .
Technical abstract :
The price of oil is trading with noticeable positivity, attacking the 88.32 level and trying to stabilize above it, which requires attention in the upcoming trading, as stability above this level will stop the bearish corrective scenario and push the price to try to restore the main upward trend again and support the price to reach 91.14 and 92.48 again .
Therefore we expect the upward trend in the coming period supported by bullish channel .
Taking into account breach and stabilized under 87.75 will push the price to be under sell pressure and will postponed the bullish attempts
Additionally ,Today News will affect the market .
I prefer don't trade in this moment until tomorrow to know what the OPEC plus will do .
support line : 91.14 , 90.55
resistance line : 92.48 , 94.02
Thank you for considering my analysis and perspective and If this post was useful to you , don't forget to subscribe and like ❤️
