Uscrude
WTI Crude Oil, to sell?I think on the next days we will see a selloff on WTI, going down, TechAnalisys.
USCRUDEUSCRUDE
As Oil Plunges, the Real OPEC Meeting Will Be at Next Week's G20
For the oil market, it looks like the real OPEC meeting will come a week ahead of schedule.
The cartel is set to meet on Dec. 6 in Vienna, but days earlier the key decision makers are set to gather on the sidelines of the G20 summit in Buenos Aires in a meeting that may well decide the direction of oil prices in 2019.
Saudi Crown Prince Mohammed bin Salman and Russian President Vladimir Putin, who lead the world's two largest oil exporters and have been working together to manage the oil market for the past two years, both plan to be in the Argentinian capital at the end of next week . Just as important will be U.S.. President Donald Trump, who's made his opposition to OPEC a regular theme in his Twitter diplomacy.
"I expect President Trump will be discussing the optimal price range with Crown Prince Mohamed bin Salman and President Putin at the G20," said Bob McNally, president of Washington consultant Rapidan Energy Advisors LLC and a former White House energy official.
The oil market is abuzz with talk that MBS, as Prince Mohammed is known, may not be able to defy Trump's desire for lower oil prices after the White House supported him following the killing of Washington Post columnist Jamal Khashoggi.
"The market is assuming the Saudis will not be able to cut," said Amrita Sen, chief oil analyst at Energy Aspects Ltd. in London.
Us oil is going down or not?Entry Point : 72.55-72.90
Stop Loss : 75.5
First Take profit : 65
Second Take profit : 59
Last Take Profit : 55
Convergence of bullish signsOil break out of bull flag is following through with a bullish engulfing candle today. RSI is healthy.
Majority of analysis on chart. Wave patterns added in for fun. (Not an elliot wave fan).
US CRUDE OIL - H4 SELL SETUPUS crude oil - H4 chart - I prefer shorts due to bearish structure on H4 time frame. Main trend is still bullish so this is a reversal setup on daily time frame but with-trend pull back setup on H4 so quick swing with great risk to reward.
Long levels for US oilThere is still valid weekly channel. And if AB=CD the oil will reverse in the range of 52.8 - 54.2.
OIL may see a rebound todayIt looks like OIL may rebound today we just hit a major support level at 47.04 on crude. www.mql5.com
Possible buy opportunity coming upCurrent minor bearish trend on hourly charts is probably just a minor correction in the bigger picture. If green trendline is holding, look for buy position trading opportunities (remember roll over for next monthly wtioil future contracts is in a few days though, and next it's trading lower).
