Crude oil Technical Analysis
Crude oil futures rallied Tuesday due Tensions between Iran and Saudi Arabia
in Baker Hughes oil rig counts from the other week show reduction who could keep prices supported. The Energy Information Administration is also due to report its inventory data today, also today will publish FOMC statement that would likely have an impact on market sentiment. A dovish hike could keep risk appetite supported, which might be bullish for crude oil.
Analysts also pointed to the nomination of Mike Pompeo as new U.S. Secretary of State as a risk to oil markets, because he He holds an opinion contrary to the oil agreement
crude oil technical analysis:
Break above 64.70 +_ will confirm for more up moves to 69-71$ price target area
You can see two things are support this trend – first is oil prices remain to stay above white strip average
Second is the triangle pattern – break up or down will confirm those targets 69-71 or 53-54 $ prices for crude oil
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| CRUDE OIL ANALYSIS |
This review does not including any document and / or file attached to it as an advice or recommendation to buy / sell securities and / or other advice
