Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
The big picture is still looking pretty bullish
Based on daily charts , an outbreak above 54 is only a question of time - this month or even january`17 ...
But the short term makes me afraid last 24 hours and even suggests me price pressure even unbtil 48 USD ?!
How ever the short-tmer chart is pretty bearish ...
It could be an Ending Diagonal in the position of wave C.
We can reach then the $55-58 area where both 61.8 of A and the top of diagonal meet.
Break below 45.12 (wave II) would invalidate this count.
I will add another possible count in the comment to this post to show you different perspectives.
yes, seems like there are still some room with Crude, close the short from 50+ level, waiting contract exchange and be prepared to buy, buy the way..... It looks like UKOIL (Jan. contract) ready to buy (check the link)
This was a historic agreement with a decent proposed cut, pushing the brent up to more than 15% in 2 days.
I expect more positive news flow next week when Opec will discuss with Non-Opec members.
Given the fact that Russia has already agreed to a gradual cut, it's likely that other non-opec members will also agree ...
We're looking at UKOIL on a 1h chart, this is an excellent shorting opportunity to continue the long term trend... Don't miss out on this one!
As you can see from the daily chart below we have been trading within a sideways channel since early 2016, price has approached a key level of resistance and is starting to ...