Similar analysis as my other charts, Oil previously crashed and hit the bottom at this level. I see many indications that this will fall again and potentially hit the bottom.
Price is constantly testing support and now consolidating. Once price has broken support its a big sell.
Brent Crude Oil has been dominated by the bears due to the weak fundamentals and oversupply, demand constraint and insufficient OPEC+ agreement. Brent price dipped again after a short euphoria on the OPEC+ agreement reflecting conflicting vision on traders and investors. Having said that, the Technical Analysis reflects the market is re-testing the lower 20s range...
Should be an easy few pips here... up to psych level at 70.00... We've had some higher highs and lows on the hourly and a nice 4h pinbar most recently.... enjoy...
The BRENT.CMD/USD pair has been trading in a medium-term ascending channel pattern since the end of December 2018. The pair re-tested the lower boundary of the channel pattern at 66.50 during last week’s trading session.
As for the near future, it is likely that the Brent crude oil prices will continue to appreciate and potentially hits the $70 mark before the end...
Crude Oil Forecast And Technical Analysis Nov 22nd
Latest News And Fundamentals:
Oil prices climbed on Wednesday after a reported fall in U.S. crude inventories and on expectations that an OPEC-led production cut aimed at tightening the market will be extended beyond next March.
It is obvious that Crude Oil Market is being supported by an effort led by the...
Hello everyone. I hope it goes all well for You. I have been working this set up out this evening. Crude Oil seems to be struggling and is not giving us a wild rally eventhough we had two consecutive very bullish stockpile reports. The first one that came out on July the 6th has not endured the bears pressure and session closed much lower than the days high....
