Crude Oil Forecast And Technical Analysis
Fundamentally, tensions in the Middle East supporting the Bullish Move in Crude Oil prices.
However; climb in U.S. production is capping WTI oil prices and undermining efforts from the Organization of the Petroleum Exporting Countries (OPEC) to prop up prices by withholding production.
DXY is also important in the midterm direction of Crude Prices. We need to wait FED's decision and markets reaction.
Technically:
The main trend is still bullish. On the H4 chart, the price is above all major EMAs. And we see the golden cross of EMA 50,100 AND 200 which indicates a stronger bullish bias.
Key Levels.
63.30 remains as a strong resistance.
Support zone is 61.70 – 61.30
Pullbacks towards 61.70 can be used as buying opportunities.
Another buying opportunity is close above 63.30 and the target will be 65.40-65.60
Intraday Levels:
62.50 MM 8/8. Bullish intraday bias will continue as long as the price remains above 62.50.
On the downside: 62.11, 61.72 and 61.33 ( Pullback Levels to use as buying opportunities )
On the upside: 62.89 and 63.28. ( Above 63.28, the new midterm target will be 65.40)
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
However; climb in U.S. production is capping WTI oil prices and undermining efforts from the Organization of the Petroleum Exporting Countries (OPEC) to prop up prices by withholding production.
DXY is also important in the midterm direction of Crude Prices. We need to wait FED's decision and markets reaction.
Technically:
The main trend is still bullish. On the H4 chart, the price is above all major EMAs. And we see the golden cross of EMA 50,100 AND 200 which indicates a stronger bullish bias.
Key Levels.
63.30 remains as a strong resistance.
Support zone is 61.70 – 61.30
Pullbacks towards 61.70 can be used as buying opportunities.
Another buying opportunity is close above 63.30 and the target will be 65.40-65.60
Intraday Levels:
62.50 MM 8/8. Bullish intraday bias will continue as long as the price remains above 62.50.
On the downside: 62.11, 61.72 and 61.33 ( Pullback Levels to use as buying opportunities )
On the upside: 62.89 and 63.28. ( Above 63.28, the new midterm target will be 65.40)
DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
Comment:
Taking profits of 45 pips. Moving Stop Loss to entry. 65.25
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We will look for a Short Opportunity at D.