crude oil price analysis
it was so expected and I wrote it for you: “Is there a negative deviation between the oil price and the technical parameters on charts ?”
OPEC cut its forecast for 2019 oil demand growth, Investors now expect supply to outstrip demand, Trump yesterday again urged Saudi Arabia and OPEC not to cut oil production, contributing to oil price weakness, The EIA published yesterday U.S. shale oil production reach a new record level in December and add to the oversupply Crude oil posted its longest losing streak since it began trading in New York markets.
In 4 /7 I posted this:”crude oil showing suspicious signs”
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| oil analysis |
Crude oil technical analysis
Now after the big drop, the trend has changed to bearish, and 64+_ $ price level became resistance level, now we need to watch on 53-54 $ price area that may become support area, I am expecting to see retracement on those level to check again 60-64$ price area
Break down 53 levels will send crude oil to cope with lows levels again
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| crude oil analysis |
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