Get started
Prasad_Ari

Crude: Time to Close the Long Position! Expected to Fall

Short
CFDs on WTI Crude Oil (TVC:USOIL)  
Prasad_Ari Updated   
TVC:USOIL   CFDs on WTI Crude Oil
Trend Analysis Technical Indicators Crude Oil WTI usoilshort usoilprediction
14
2
trendanalysis indicator usoil usoilshort usoilprediction

Oil had a very nice rally (30%) since November, also the OPEC+ decision of cutting supply of 2M barrels/day has pushed the prices to $60 level.

From April the Saudi is planning to increase the crude oil production to 12.3M Barrels/Day. The Increased supply, reduced demand from China, Oil entering in to the strong technical resistance area etc. factors expect to contribute to pushing the OIL prices down to $54’ish area in the coming weeks!
Comment:
Comment:
With the recent Cold freeze in Texas has caused some supply disruption and also triggered more demand for the energy. This puts a pressure on the inventories. Oil is still trading in the HTF strong resistance area & seems lost steam for the upward momentum. I believe Oil is all set for the trend reversal, need wait with patience to go short.. Only after confirmation!!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.