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Crude Oil Forecast And Technical Analysis Nov 22ndCrude 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.
FX:USOILLong
by eacemi
CRUDE OIL : Follow the trend Fundamentals: "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 technical analysis 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 Bollinger Bands. 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 daily chart, the picture is quite clear. The trend line resistance became a support. Even this is enough by itself to understand the momentum of the bullish 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 : Stochastic 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 trend line as shown on the chart. A monthly closing above the trend line may carry the price 64-65 USD. This is the LONG term part of the story. Just wanted to give you an idea. Good Luck
FX:USOILLong
by eacemi
5
Crude Oil : We are hitting the targets one by oneFundamentals: Oil prices jumped about 2 percent on Friday, with global benchmark Brent crude rising above $60 per barrel, on support among the world’s top producers for extending a deal to rein in output and as the dollar retreated from three-month peaks. Saudi Arabia and Russia declared their support for extending an OPEC-led deal to cut supplies for another nine months, the Organization of the Petroleum Exporting Countries’ secretary-general said ahead of the group’s next policy meeting on Nov. 30. The pact currently runs to March 2018. U.S. crude’s gains have lagged the global benchmark amid rising domestic output. Oil prices have been hovering near their highest levels for this year amid signs of a tightening market, renewed support this week of an extension of production cuts and tensions in Iraq. However, the announcement on Friday of a ceasefire between Iraqi forces and the Peshmerga from the country’s autonomous northern Kurdish region eased some concerns. The dollar trimmed its earlier gains versus a basket of currencies (DXY) following a Bloomberg report that U.S. President Donald Trump is leaning toward Federal Reserve Governor Jerome Powell as his pick to head the U.S. central bank. Technicals: I have published my forecast of the week, last week on Monday, and I have put a mark on the chart. And Crude Oil price has reached my target. We have reached our targets one by one and generated quite nice profits. I wrote few times, Crude is performing very well against strong DXY. Crude Oil price ended the week just at the resistance point of the channel. 54.42 and of course 55.25 – the highest of last two years – will be the next targets in mid-term. If the price breaks out 54.42 faster without fooling around, we may see the price testing 55.25 and 56.30 Fibo 161.80. Another importing thing is if the market players take some profit from this level or they will wait for 55.25. In my opinion, everybody made the profit realisation at 51-52 USD levels. The other dominant factor will Dollar Index. If we see a decline on DXY, we may see Crude Oil prices rise faster. All pullbacks towards 49.60 are buying opportunities. Crude Oil prices will test 56.30 and 57.90 in short-mid term. Trend is the friend. Do not enter a trade against a trend.
FX:USOILLong
by eacemi
9
CRUDE OIL: Pullbacks are buying opportunitesFundamentals: Oil prices were largely steady on Wednesday, hovering near a four-week high hit a day earlier after top exporter Saudi Arabia said it was determined to end a supply glut. Brent crude, the global benchmark, was up 8 cents at $58.41 a barrel by 0437 GMT, after settling on Tuesday up 96 cents, or 1.7 percent. U.S. West Texas Intermediate crude was trading down 4 cents at $52.43. Saudi Arabia’s Energy Minister Khalid al-Falih said on Wednesday the focus remained on reducing oil stocks in industrialized countries to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends. The Organization of the Petroleum Exporting Countries (OPEC), plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January. The pact runs to March 2018, but they are considering extending it. “OPEC is holding a line on the production cuts,” said Tony Nunan, oil risk manager at Mitsubishi Corp in Tokyo. “Even though shale (output) is now rebounding, the stocks are drawing, and now we’re heading into the winter season, so the market is strong.” Crude Oil prices finally moved out of supply zone and this is a good news for Crude Bulls. We have generated quite good profits so far from LONG Crude Oil trades. We still have LONG positions and our first target is 52.80. 53.60 is an important resistance and if the price can break out the resistance within this week, we may see 55.00 USD next week. What are the intraday key levels of Crude Oil? 51.95 and 51.56 are the possible pullback levels which can be used as buying opportunities. 52.75 is the first target of the today. If the price breaks out 52.80, the price will test 53.10 and 53.40 levels. Conclusion: We keep our LONG positions and will use pullbacks as buying opportunities.
FX:USOILLong
by eacemi
Crude Medium TermThis is a follow up to my crude medium term idea (please see the related idea link below to view the original idea), So far buy orders were filled at 49.22 for a target to 53.94, momentum looks to be slowing and it is likely that we may see a dip, to me dips will be good opportunity to build the position. So i am still holding my bullish stance on crude. Strategy: Rebuy on dips to build the position, while move the stop to b/e for 49.22 filled orders.
TVC:USOILLong
by UmarAbdurRehman
1
WTI Crude Oil Forecast : 52.20 is critical resistance1.Fundamentals: Oil prices rose on Wednesday, lifted by a fall in U.S. crude inventories and concerns that tensions in the Middle East could disrupt supplies. Brent crude futures (LCOc1), the international benchmark for oil prices, were at $58.27 at 0314 GMT, up 39 cents, or 0.7 percent from their last close – and a third above mid-year levels. U.S. West Texas Intermediate (WTI) crude futures (CLc1) were at $52.13 per barrel, up 25 cents, or 0.5 percent, and almost a quarter above mid-June levels. On charts for WTI a technical pattern known as a ‘Golden Cross’ was approaching, in which the 50-day moving average price climbs higher than the 200-day moving average, which is widely seen as a bullish price indicator. Prices were pushed up by a drop in U.S. crude inventories as well as concerns that fighting in Iraq and mounting tensions between the United States and Iran could affect supplies. U.S. crude inventories fell by 7.1 million barrels in the week to Oct. 13 to 461.4 million barrels, the American Petroleum Institute (API) said late on Tuesday. “API data from the U.S. overnight showed a big draw … If $52.83 in WTI and $59.22 in Brent give way, then oil is stepping into a new and much higher range,” said Greg McKenna, chief market strategist at futures brokerage AxiTrader. Official U.S. fuel inventory data is due later on Wednesday from the Energy Information Administration. Adding to a tightening U.S. market, tensions in the Middle East meant that a risk premium was being priced into oil markets. Iraqi government forces captured the major Kurdish-held oil city of Kirkuk earlier this week, responding to a Kurdish independence referendum, and there are concerns that fighting could disrupt supplies. “In the case of Kurdistan, the 500,000 barrel-per-day (bpd) Kirkuk oil field cluster is at risk,” U.S. bank Goldman Sachs (NYSE:GS) said on Tuesday. The Iraq crisis adds to a looming dispute between the United States and Iran. U.S. President Donald Trump last week refused to certify Iran’s compliance over a nuclear deal, leaving Congress 60 days to decide further action against Tehran. During the previous round of sanctions against Iran, some 1 million bpd of oil was cut from global markets. 2.Technicals and Crude Oil Forecast Crude Oil is being priced 52.03 currently. It is in the supply zone. All technicals are bullish for Crude Oil prices. As we have mentioned before, 52.20 – the upper border of supply region- is very important for Crude Oil prices. Price will test 52.80 as soon as it breaks out 52.20. Possible pullback levels for today 51.60 and 51.30 which can be used as buying opportunities.
FX:USOILLong
by eacemi
Crude Oil Forecast And Trade IdeaCrude oil prices settled higher on signs of bullish Chinese demand while geopolitical uncertainty in the Middle East raised the threat of supply disruptions. 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 Commodities. 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 bullish on Crude Oil and GOLD as well. And we predict an upward momentum on some of the commodities 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. www.bloomberg.com Crude Oil ended the week at 51.35  -Fibo 50%-. However, it ended inside our supply zone 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 Good Luck
FX:USOILLong
by eacemi
CRUDE OIL Targets Further Upside Pressure Towards 49.39 ZoneCRUDE OIL: The commodity is building up on its Tuesday gains as it eyes it key resistance residing at 49.39 zone. On the downside, support resides at the 48.00 level where a break will expose the 47.50 level. A cut through here will set the stage for a run at the 47.00 level. Further down, support resides at the 46.50 level. On the upside, resistance resides at the 49.00 level. Further out, resistance comes in at the 49.50 level. A break above here will aim at the 50.00 level and then the 50.00 level followed by the 50.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. All in all, CRUDE OIL remains biased to the upside nearer term.
TVC:USOILLong
by FXTechstrategy
USDWTI Daily. Being 2 steps ahead.Hello everyone. I hope it goes all well for You. I have been working this set up out this evening. Crude Oil seems to be struggling and is not giving us a wild rally eventhough we had two consecutive very bullish stockpile reports. The first one that came out on July the 6th has not endured the bears pressure and session closed much lower than the days high. Have a look Yourself and please share Your view at this idea with us! It may be a little bit too optimistic and too far ahead reaching, but what makes us successfull if not being endlessly positive about our own ideas? As You can see above we have a bullish butterly forming out in the space of the next several weeks. The trend has been respected as well as supply/demand levels along with fibonacci have been accomplished. I hope the idea is well explained. Should You have any questions, advises or even different, more sensible idea? Feel free to message me!
FX_IDC:USDWTI
by coast2207
3
Crude Oil looks like the bottom has been made (Elliott Wave)Previously I was considering that the up move from 42 levels was a Wave 4 and that we still had a leg down remaining, however it clearly was not the case as that count was invalidated today. The count published in this post is the most likely scenario for WTI Crude Oil. As per this count we are in an impulsive move from the 42 levels and currently in Wave iii of Wave (iii) which suggests that we have a lot of upside remaining. There is still a slight probability that we might get a connecting Wave x which will follow another leg down, however that would only be clarifies in the sessions to come. I will update further as this market progresses.
TVC:USOILLong
by NeeravYadav
Crude Oil futures long setupA pretty interesting technical opportunity has unfolded on one of our favorite instruments: light sweet crude oil futures. From a fundamental point of view, after a historically tight range-bound market, price action broke down violently as US crude inventories surprise came in early march. Price continued to fall to $47.00 throughout March. In late march, the OPEC decided to extend oil output cut by 6 months, which launched US crude oil in a healthy, sustainable rally, regaining almost all of the losses that we've seen in early march. At the end of last week we've seen price action starting to consolidate and this monday, price action gave us confirmation that a retracement is indeed taking place. This brings with it numerous trading possibilities. The situation is calling for a trend continuation trading setup. We will be looking for a long around the 52.30 price area with a relatively tight stop and a reward of at least 65-70 ticks. There is always the possibility that we might get stopped out since the market always does what it wants to do. In this case, we can re-enter a long trade around the 51.70-51.90 area which would offer a better reward to risk ratio. Since the trade-management possibilities of this opportunity are so numerous, we will update this trading idea with recommendations on trade-management and money management once price action unfolds some more and gets closer to our desired entry area.
NYMEX:CL1!Long
by V4nsceaux
Crude Oil a Breakout seems likely (Elliott Wave Analysis)In this article I'm going to do Elliott Wave Analysis of Crude Oil and post my forecast for the same. As of now Crude Oil is trading above the important resistance level of 54.30 and seems to be in the starting leg of a Wave 3 of a lower degree. In any case it seems that from here in Crude Oil will break above 55 and as soon as that is done a huge upside can be, as previously stated it is in starting legs of a Wave 3 and by nature Wave 3 known to be strong. I'm expecting upside target of 67 and higher. Please note that both the main count and the alternate count are pointing in the same direction as of now. I will update this further if need arises.
TVC:USOILLong
by NeeravYadav
crude oil optimal price arrangementsSoon we have two possible action on crude oil on this week arroung the price of 55,15: 1) More possibly "a shooting star" appears getting bearish action toward 46,00 which would be a bottom or reversal price for bulls again. Bulls on crude oil during the summer is favorable for OPEC countries. 2)Less possibly crude oil price stays above 55,15 in daily candles and bullish action continues. i think this is less possible because any price above 55,00 during spring-summer time is not sustainable.
NYMEX:CLH2017Short
by Daban