I think on the next days we will see a selloff on WTI, going down, TechAnalisys.
USCRUDE 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...
Entry Point : 72.55-72.90 Stop Loss : 75.5 First Take profit : 65 Second Take profit : 59 Last Take Profit : 55
Oil 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 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.
There is still valid weekly channel. And if AB=CD the oil will reverse in the range of 52.8 - 54.2.
It looks like OIL may rebound today we just hit a major support level at 47.04 on crude. www.mql5.com
Current 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).