"Crude oil prices settled higher on Thursday as ongoing Opec and non-Opec output cuts, fuelled expectations that global oil market rebalancing was underway.
Saudi Arabia continued to cut oil output as inventories declined significantly in October, Saudi Energy Minister Khalid Al-Falih said Thursday while compliance with the Opec-led accord to curb output had been “excellent.”
Falih also expressed a desire to continue with output curbs, saying that Opec should work to ensure stockpiles continue to fall beyond March. Opec is slated to next meet at its headquarters in Vienna on Nov. 30."
Yesterday, in my I have mentioned the possible pullback levels to use as buying opportunities.
“On H4 chart, we see that the price is trying move lower channel of . And it is below Tenkansen.This is telling us that we may see a decline in the price towards 53.90 and 53.50.Traders who like intraday trading may try a short entry targeting above mentioned levels.We will just try to use those levels as buying opportunities.”
Price pulled back to 53.90 and moved upward and tested 55 USD. This was a 100 pips profit opportunity intraday.
We are still LONG on Crude Oil and our first target is 56.30 with the break out of 55 USD.
On the , the picture is quite clear. The resistance became a support. Even this is enough by itself to understand the momentum of the move. However, 55.10 is standing as a strong resistance. This is a psychological level and break-out of this resistance will accelerate the upwards move.
For intraday trading; H4 Chart :
Oscillator is not in the overbought zone.54.30 and 53.90 are the possible pullback levels.
On the upper side, 55.10 and 55.40 are the first targets.
I want to add one more chart for serious Crude Oil Traders.
The monthly chart of Crude Oil . WTI falls down from 140 to 30 USD in six months. And we have as shown on the chart. A monthly closing above the may carry the price 64-65 USD. This is the LONG term part of the story. Just wanted to give you an idea.
Where do you see potential pull-backs to buy oil this week based off the Last Price of WTI on Friday? Optimistically I see a Pull-back to KEY POC of 54.80 region, but realistically I don't think it will go lower than 55.20...
Also something very interesting for you to notice, is how this Friday's price action was very similar to last Friday's price action. This shows that their is market manipulation in place, especially that the BDIY is actually dropping! Lesson, don't short on a Friday for now up until the 30th.