crude oil prices technical analysis forecast update
Crude Oil reached the target I gave him
Let’s check some other relevant things for crude oil prices except the charts
Crude oil prices settled lower on Friday after the U.S rig count rose for the first time since December, renewing worries of a supply glut after an output freeze proposal helped boost the market to 2016 highs and multi-week gain
The Chicago Mercantile Exchange (CME Group) as of late discharged an exceptionally intriguing report on the relationship be tween’s Crude Oil and the share trading system. This report expresses that the S&P 500 is as of now 70% related with the WTI (West Texas Intermediate) prospects contract so far this year- see the report: http://insigniafutures.com/Docs/why-are-equities-moving-in-tandem-with-oil.pdf
This report expresses that the S&P 500 is as of now 70% related with the WTI (West Texas Intermediate) prospects contract so far this year
Official Energy Statistics from the U.S. Government. (EIA) : Crude oil storage at record levels pressuring prices, “Crude oil and petroleum product inventories, both domestically and internationally, have been growing since mid-2014 and are above five-year averages for this date,” the EIA report said.U.S. crude oil inventories are above 500 million barrels for the first time. see the report:https://www.eia.gov/petroleum/supply/weekly/
The next contract is going to replace the one we see now in the 21th APR 2016 will replace by MAY 2016 contract
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| crude oil contracts |
Now what the next step:
After the pattern archived: as I mention the last post- the pattern suggests the bullish trend, for the coming trading sessions, pointing that the prices creating a possible bullish pattern that its confirmation wti level situated at 39-40 $, from looking at the charts we can see also the resistance at 42-43 area
This pattern also suggests some corrections after reaching the target. Breaking down 36.20 followed by 35.10 levels will send the crude oil to cope with 33-34 $
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| crude oil |
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| wti |
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