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 Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang.
There was also some price support from a weekly report on Tuesday by the American Petroleum Institute which said U.S. crude inventories fell by 6.4 million barrels in the week to Nov. 17.
Crude Oil Forecast And Technical Analysis
Crude Oil prices tested 58 USD again. This is the take profit level of our Short-term LONG trades which we entered by using the pullback 55.40 and 56.25.
As seen on the chart, Crude Oil price moved above the LONG term falling trend line ( This line comes from 2012 ). And we have another midterm trend line ( the black one ) and it is likely to test this line.
Possible pullback levels for today are 57.42, 57.03 and 56.70.
58.00 is an important resistance. 58.20, 58.59 and 59.37 will be the next target of the Crude Oil.
RSI has not entered into overbought region yet on the daily chart. The current level is the “overbought” according to MM Lines but not extremely overbought (59.37)
Conclusion: Take some profit, and wait for the H4 closings above 58.00 to add LONG. Or use mentioned pullbacks as buying opportunities.
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 Organization of the Petroleum Exporting Countries (OPEC) to restrain output in a bid to end a global supply overhang.
There was also some price support from a weekly report on Tuesday by the American Petroleum Institute which said U.S. crude inventories fell by 6.4 million barrels in the week to Nov. 17.
Crude Oil Forecast And Technical Analysis
Crude Oil prices tested 58 USD again. This is the take profit level of our Short-term LONG trades which we entered by using the pullback 55.40 and 56.25.
As seen on the chart, Crude Oil price moved above the LONG term falling trend line ( This line comes from 2012 ). And we have another midterm trend line ( the black one ) and it is likely to test this line.
Possible pullback levels for today are 57.42, 57.03 and 56.70.
58.00 is an important resistance. 58.20, 58.59 and 59.37 will be the next target of the Crude Oil.
RSI has not entered into overbought region yet on the daily chart. The current level is the “overbought” according to MM Lines but not extremely overbought (59.37)
Conclusion: Take some profit, and wait for the H4 closings above 58.00 to add LONG. Or use mentioned pullbacks as buying opportunities.
