I drew this chart of Crude Oil WTI : NYMEX and put some oscillators namely (14,3,1) and (12, 26, 9, false, true) below the chart and the 200EMA (color blue) and the 50 (color orange) on the chart. Then I added a . So looking at these my interpretation is:
- There is separation between the EMA's suggesting downtrend;
There is a leveling off of and an indication of a downward tick now;
There is a leveling off of and maybe an upward tick (October?).
Technical Conclusion is: Crude Oil WTI will go down and bottom off in the near future and then rise again. Based on these chart patterns I believe it has hit bottom or bottoming and will level in the coming weeks.
Now I also believe it will not go up or down until there the OPEC meeting in December. I believe the Saudis act in their favor only based on their personalities and greed. The Saudis they will not lower production and will say this in December.
Thus it is inevitable based on the charts and the timing of this meeting that I predict that after this meeting that Crude Oil WTI will go to 31.5 based on the Fibonacci point as a support.
Hope I am wrong! Good Luck everyone!