Chinese crude imports rose by roughly 1 million barrels per day (bpd) to 9 million bpd in September, data showed on Friday. That eased investor concerns that global demand is set to weaken over the next year.
In the U.S., oilfield services firm Baker Hughes said Friday its weekly count of oil rigs operating in the United States fell by 5 to 743.
Before analysing the Crude Oil Chart, I would like to share another chart with you.I always check Baltic Dry Index before entering LONG term trades on . Baltic Dry Index BDIY was showing signs of "worst might be over".
That's why we entered Copper Long trade. And this is one of the reasons why we are on Crude Oil and GOLD as well. And we predict an upward momentum on some of the which we will share with our premium members. Historically, there is a positive correlation between WTI and BDIY.
The orange line is BDIY and the blue one is WTI.
Crude Oil ended the week at 51.35 -Fibo 50%-. However, it ended inside our of 51.20- 52.00.
Above the current level, we have 51.90 to break. A daily closing above 51.90 will carry the price 52.80 and 53.70.
50.00 USD level worked as a good support, however, we pay more attention to 49.20 support. All pullbacks towards 49.20 will be used as buying opportunities.
Possible pullback levels to add additional LONG positions: 51.00 and 50.55
Stop Loss: 49.10