WTI Crude Oil touched the bottom support area of 51.70 - 52.40. Started the correction, now we expect one more retest of the strong support creating a lower low and making a double bottom formation.
From a technical perspective, the USOIL has to start the up-move towards the 61.8 fib level. Potential of climbing up to the 63$ per barrel price.
The technical analysis is supported by a fundamental overview of OPEC's policies. For the year 2020, they cut oil production. By the simple rule of supply and demand, target price is upwards.
Now we might see some consolidation in this area. Banks will probably build their longs before the reversal of the trend is confirmed.
We will also start taking smaller volume longs and build more on the accumulation period. The first price target is 59. Overall Target is 63.
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From a technical perspective, the USOIL has to start the up-move towards the 61.8 fib level. Potential of climbing up to the 63$ per barrel price.
The technical analysis is supported by a fundamental overview of OPEC's policies. For the year 2020, they cut oil production. By the simple rule of supply and demand, target price is upwards.
Now we might see some consolidation in this area. Banks will probably build their longs before the reversal of the trend is confirmed.
We will also start taking smaller volume longs and build more on the accumulation period. The first price target is 59. Overall Target is 63.
Traders, If you find this complete analysis on point, please subscribe for more free market analysis to come.
Trading Expert Group is a financial market institution that provides access to real-time data components.
Trade active:
longs active