Crude Oil Forecast and Technical Analysis Nov 17th
Crude 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.
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.
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