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Crudeoilforecast

CRUDE OIL Forecast: Base formation completed ?The reasons for the sell-off on Crude Oil prices: Oversupply concerns Global growth concerns Trade wars and risk off concerns Global Demand: 95 Million Barrel Global Supply: Over 105 Million Barrel What does the market expect from OPEC meeting? The general expectation at the meeting on December 6 is that the Saudis and Russia agree on a cut of between 500,000 and 1.4 million barrels per day. Technically: Monthly Chart : Crude Oil prices tested the Ichimoku Cloud base Senku Span A and recovered. 50.00 USD is the psychological support level for the prices. Weekly Chart: the price s below the lower Bollinger Band indicating the oversold market. Daily Chart: The breakout of the rising trend line and the recovery trend after hard sales are noteworthy. The resistance of 51.48 USD is critical, and the closing above this level may indicate a base formation at 49 USD. What can be done: Long Term Traders ( Investors ) Buy : at closing 51.48 Stop: Below: 49.00 Target 1: 52.90 Target 2: 53.40 Target 3: 54.60 Target 4: 56.25 Good Luck
TVC:USOILLong
by chartreader_pro
2
Crude Oil Forecast: Focus On OPEC Meeting Supply Cut rumours helping Crude Oil’s recovery. -See Attached Forecast.- Another Supply Cut signal came from the 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 a 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 are 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 U
TVC:USOIL
by chartreader_pro
1
Crude Oil Technical Overview: Falling Wedge BreakoutCrude Oil prices ended the week at 68.50 after testing 64.30 the MA 200 support of the daily charts. Bulls were ready at the main support. After three weeks decline, Crude ended the week with the gains.Dollar’s weakness is helping the Crude Oil prices to rise. On the smaller chart timeframes, Crude Oil ended the week above the SMA 200 which is a good news for the Crude Bulls. As seen on the H4 chart, price broke out the falling wedge – bullish continuation pattern – at 67.10. A bearish harmonic XABCD pattern – Total – completed at 69.26 and Crude Oil prices tested 68.25 Fibonacci 23.6 of the CD. If the price breaks below 68.25, 67.90 and 67.50 can be tested. Those levels can be used as buying opportunities targeting 69.50 and 70.25. Break and close above 70.25 will carry the price 71.50 and 73.30.
TVC:USOILLong
by chartreader_pro
Crude Oil Forecast And Technical Analysis 06-27-2018Total supply of 1 million barrels from Saudi Arabia and Russia in the upcoming period could cover only the half of the 2.43 million barrels/day supply cut of Iran (if all states conform to the US) . In the current situation of Iran’s daily oil exports of 620 thousand barrels China, 560 thousand barrels of the EU, 470 thousand barrels of India, 400 thousand barrels of South Korea, 230 thousand barrels of Turkey and 140 K to Japan.. Here, 1.8 million barrels of petroleum may be withdrawn from daily world production when it is thought that China is the strongest candidate to comply with the US call. This figure cannot be easily covered by Saudi Arabia and Russia, which can increase capacity. We may see further increase in the Oil Prices. The price action of the Crude confirms us the same. As we have written in our latest analysis, Crude opened the week with a gap, but the Bulls jumped into the arena. Technically: We see the golden cross in the weekly charts. This indicates a new bullish wave. The scene is almost the same in the H4 Chart timeframe. EMA 50,100 and 200 formed Golden Cross. US Crude Oil CLc1 is trading at 70.70 – Spot Forex 70.31 – as of writing. This is the Fibonacci 78.6% of the latest decline. An H4 closing above 70.85 – Spot Forex 70.40 – might carry the prices CLc1 71.70 and 72.60 of the latest highs. Possible pullbacks can be used as buying opportunities. Possible pullback levels to use as buying opportunities are 70.30 and 69.40. We can not talk about a short term trend reversal as long as the price holds above 69.40. We will publish our trade idea for premium members separately.
TVC:USOILLong
by chartreader_pro
Crude Oil Forecast And Technical Analysis : Eyes on OPEC SummitThe rumours that Saudi Arabia and Russia might decide to increase production caused oil prices to fall to close to 3 % on Friday. Meanwhile; U.S. exports were threatened by potential Chinese tariffs on crude oil and refined products. Saudi Arabia and Russia have already boosted production modestly, and have indicated they were prepared to increase output at that meeting. Some investors were surprised when crude oil and other energy products were included for tariffs at a later date, the official Xinhua news agency reported, citing the Tariff Commission of the State Council. Over the past six months, the United States has exported an average 363,000 bpd of crude oil to China, which along with Canada is the biggest buyer of U.S. crude. Technically: The short term trend is bearish. A bearish flag formation completed in the H4 chart. The target of the formation is 62.80. Crude ended the week 64.24 which meets Fibonacci 78.60 %. At the same level, we see the MM 0/8 Main Support. From the indicator’s point of view, The price is below EMA 50 and EMA 100 in the daily chart. 62.50 is the main support of the prices. Key Levels: On the upside 64.45 and 64.28 are the resistance levels. We plan to use possible pullbacks towards those levels as selling opportunities. 62.50 is the main support of the midterm bullish trend. A daily closing below 64.00 USD will carry the prices to 62.50. Our Bias: BEARISH with the target 62.50 Join Our Premium Club to get the latest analysis and trade ideas with high accuracy.
TVC:USOILShort
by chartreader_pro
Crude Oil technical analysis and levels to watchAs mentioned in the latest analysis, our LONG target was 65.25 – 65.50 region. Then we followed the bearish harmonic pattern, and our second target was 64.06. Price reached the second target and reacted. – 110 pips were not bad – We tried to explain the bullish and bearish fundamentals of Crude Oil. The main trend is bullish. Intraday Levels to keep eye on : 64.84 is the first support. The bullish move will continue as long as the price holds above 64.84. 65.26 and 65.63 are the next targets. Daily closing above 65.63 will take the price 66.41 and 67.49. If the breaks below 64.84, 64.45 and 64.06 will be the targets of Crude Oil. 63.33 is the EMA support and can be used as buying opportunity. Good Luck
TVC:USOILLong
by chartreader_pro
Crude Oil Forecast And Technical AnalysisFundamentally, tensions in the Middle East supporting the Bullish Move in Crude Oil prices. However; climb in U.S. production is capping WTI oil prices and undermining efforts from the Organization of the Petroleum Exporting Countries (OPEC) to prop up prices by withholding production. DXY is also important in the midterm direction of Crude Prices. We need to wait FED's decision and markets reaction. Technically: The main trend is still bullish. On the H4 chart, the price is above all major EMAs. And we see the golden cross of EMA 50,100 AND 200 which indicates a stronger bullish bias. Key Levels. 63.30 remains as a strong resistance. Support zone is 61.70 – 61.30 Pullbacks towards 61.70 can be used as buying opportunities. Another buying opportunity is close above 63.30 and the target will be 65.40-65.60 Intraday Levels: 62.50 MM 8/8. Bullish intraday bias will continue as long as the price remains above 62.50. On the downside: 62.11, 61.72 and 61.33 ( Pullback Levels to use as buying opportunities ) On the upside: 62.89 and 63.28. ( Above 63.28, the new midterm target will be 65.40) DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
TVC:USOILLong
by chartreader_pro
CRUDE OIL Retests 66.50, what will be the next target?I will keep it simple and short. I have entered LONG trade from 46.70 And the target was 68.00. Today we have reached the critical point again. Crude will retest 66.40-66.60 regions. Weak USD is helping Crude’s bullish move. However, rising US production and inventories limit the upside move. If Crude breaks and makes a few closings above 66.60, 67.18 and 68.00 levels will be the next targets. If fails to break above, 65.60, 64 and 62.50 will be the targets. DXY will play an important role in the prices.
FX:USOIL
by eacemi
Crude Oil Forecast and Technical Analysis Dec 8thA strengthening U.S. dollar makes a negative effect on Crude Oil prices. However; Chinese data of earlier today supported the price. For the midterm, we keep our idea of 60-62 USD. 2 important fundamentals are supporting the price: OPEC supply cut China’s demand which will this year overtake the United States as the world’s biggest crude importer. China’s crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day the second highest on record, data from the General Administration of Customs showed on Friday. Crude Oil Forecast and Technical: After a weak EIA data outcome, Crude Oil dropped and tested EMA 200 support of the H4 chart 55.85. After the data, I shared on the telegram channel and mentioned 55.85. It is positive for the Crude Oil price to stay above this support. Traders may have overdone it with lighter holiday volume and we could chart a course for higher prices again. 56.25 and 56.64 have been broken very fast. Now we have reached the main resistance: 57.00 Why 57.00 is important: 1.EMA 100 and EMA 50 resistances of the H4 chart 2.MA 20 / Median Bollinger Bands Line RSI headed North Again. What can be done for intraday trade? An H4 closing above 57.10 will carry the price upper Bollinger Band on the daily chart. The targets will be 57.40 and 57.80. If the price cannot break above 57.10, 56.64 and 56.25 will be tested again.
FX:USOILLong
by eacemi
Crude Oil Forecast and Technical Analysis Nov 17thCrude Oil is trading on the let's wait and see mode. OPEC and Non-OPEC summit will be held on November 30th. Bearish consolidation is in action. I look at “this sell-off” as a technical correction. Above chart is one of my longterm charts. Crude Oil prices broke above the longterm downtrend line and tested 58 USD ( a historical level as well ) Now it pulled back towards the upper line of the midterm rising channel. 55.50 is the resistance of the smaller chart time frames. We can not talk about a trend reversal as long as the price stays above 52.20 ( the borderline of the ex-supply zone which will play a demand zone role now ) 55.20 is the EMA 100 support of the 4 Hours chart. Crude needs to make an H4 closing above 55.50 to continue its upward movement. Price will remain under pressure until close above 55.50. 54.70 is the support of today. Below 54.70; 54.49 and 54.20 are the key levels. Those levels do not change every day. My midterm prediction is Crude Oil prices will meet 60-62 USD. I do not think Russia will let the prices go higher. If the price breaks below 52.20, we may start to talk about a trend reversal. Right now, I do not get any technical and fundamental signal confirming this trend reversal. I will use pullbacks as buying opportunities.
FX:USOILLong
by eacemi
Riding Crude Oil once again.As i successfully mentioned in my previous article on 2017-02-15 Crude Oil is on an ascending channel which is creating a rising triangle with the strong resistance that exists at 54,50$-55$ level. Once again after this previous artivle mentioned Crude Oil rallied until 53,74$ area and then came down to test the 200MA. Technically we can see some signs of fatigue as Crude Oil failed to touch previous highs but it's still moving into it's ascending channel. As we can also see there is good correlation signs with Stochastic RSI. Taking into consideration the enlargement of the O.P.E.C deal and the geopolitical tensions which are in favor of the Crude Oil's price we can enter this nice profit/loss ratio long trade. TECHNICALLY FIRST TARGET T1 AT 53,00$ SECOND TARGET T2 AT 54,30$ STOP LOSS AT 47$ LEVEL UNDER 1)PREVIOUS LOWS-2)200MA-3)TREND LINE 4)lOWER BBAND HAPPY TRADING GUYS!!
TVC:USOILLong
by The_Greek_Trader
1
WTI CRUDE OIL, DAY CHART, LONG (11-DEC-2016)Crude Oil is trying its 2nd attempt to break the resistance zone. There are 3 possibilities here: 1. If it break the resistance zone, wait for PB to the resistance zone and a bullish signal to long. 2. Eventually, it might form consolidation near the resistance zone. If breakout, can directly long 3. If there are 2-3 "2 BARS REVERSAL" to trigger the BEARISH movement, we will change our view to short! A Risk to Reward of 1:3 for this trade :) Fundamentally, the crude oil price rally is due to the oil production cut by OPEC and potential cut from Russia and NON-OPEC Countries. The production cut might not able to reduce the current global stockpile significantly. It might be the reason to hold the crude oil price trading in the range!
TVC:USOILLong
by YongLiang