chartreader_pro
Long

Aramco IPO Cancellation and Crude Oil Technical Overview

TVC:USOIL   CFDs on WTI Crude Oil
We saw a minor decline in Crude Oil prices after the cancellation of Aramco IPO , however, the recovery came earlier than the general expectations.

As we have written in our previous article, the US’s desire to put pressure on Iran before the November midterm elections (limiting Iranian oil’s access to the global market), limited US pipeline capacity of rock oil producers, supply disruptions in Venezuela and Canada, keeps the bullish trend alive.

Technically:

Crude is pricing at 74.21 as of writing. A minor resistance confirmed by MM 7/8. As seen in the chart, Crude Oil is testing the descending line and break above the line will accelerate the bullish move.

Targets of today: 74.98, 75.78 and 76.56 MM 2/8 extremely overshoot level.

Possible Pullback Levels to use as buying opportunities: 73.43 and 72.65.

Major Support: 72.12

Entry Signal will be sent to premium members.
Offers and Packages: http://bit.ly/2JTi6QG

Website: http://bit.ly/2EIS0Qb

Verified Results: http://bit.ly/2Br3tRX

Telegram: https://t.me/chartreader

Trading Room : https://discord.gg/Ku9kzfq

Free Subscription: http://bit.ly/341Py0e
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out