technical view:
price is trying to make a h&S or will continue its 5 impulsive wave ?
for head and shoulder wait for neck break .
for catching wave 5 wait for trendline break
fundamental view:
U.S. West Texas Intermediate edging lower today, but still up for the week as top crude importer China widened its COVID-19 curbs. Nonetheless, the markets remained underpinned by supply concerns and surprisingly positive U.S. economic growth data.
Despite today’s headwinds, crude oil is expected to be supported throughout November by the start of the OPEC+ output cuts. Meanwhile, a looming ban on Russian crude imports also supported prices.
Crude oil prices continue to see support from tight U.S. product inventories and Wednesday's news that U.S. petroleum exports hit a record high of 11.4 million barrels last week.
price is trying to make a h&S or will continue its 5 impulsive wave ?
for head and shoulder wait for neck break .
for catching wave 5 wait for trendline break
fundamental view:
U.S. West Texas Intermediate edging lower today, but still up for the week as top crude importer China widened its COVID-19 curbs. Nonetheless, the markets remained underpinned by supply concerns and surprisingly positive U.S. economic growth data.
Despite today’s headwinds, crude oil is expected to be supported throughout November by the start of the OPEC+ output cuts. Meanwhile, a looming ban on Russian crude imports also supported prices.
Crude oil prices continue to see support from tight U.S. product inventories and Wednesday's news that U.S. petroleum exports hit a record high of 11.4 million barrels last week.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.