will crude oil prices cross up the 50$

will crude oil prices cross up the 50$ 

It was written and expected that the crude Oil prices made the last move from my last post Now crude oil achieving a year-to-date high above $46.80 per barrel yesterday, after all, the meetings and talking’s features crossed that OPEC heavyweight Saudi Arabia and Russia had consented to stop generation and others meetings and bla bla talks.

wti option

Oil prices jumped last day, with crude oil prices reaching a year-to-date high
From looking at other measurements like crude stocks and cot position, my assumption is that crude oil will not cross this time 49.70 price levels, and I expect to see the crude oil makes some price range moves – check again the 40$ level, till June its look like that there will not be any new records above 50$ or below 40% 

We can’t be bearish unless oil breaks through 37.40 ,we will be neutral with an option for another bullish run to 48-9 area or going down to test the 40 levels
majors support and resistance : 42 support  and 47.20,48.60,49.70

crude oil charts
crude oil

If we will look at the COT data we see also that the position is mixed = net long and net short on the crude oil prices are among the traders (managed money)
oil Commitment of Traders
crude cot data
February oil exchange rally, those stocks have been the main zone performing great in this rally. 
The question now is, will the oil stocks just made returning move – or its the begin of a more extended term
a more important rally, One key file might experience a test ,it could go far toward or just not
oil stock reflects this issue , despite the last rally crude oil prices ,the stocks didn’t go up ,we need to watch and see what will happen in ….equivalent to 40 $ crude oil prices or the 50$

Final words:
Let’s test the crude oil with all the  other relevant information and we can see there is more room for going down follows the last  strong moves  who came by the expectation,
don’t surprise if we will see crude oil running  over the last record, if oil will move more 49.70 that we need to expect even stronger moves, the other side for downtrend is 40 area ,my guess is that we will meet soon 42$ level

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


Leave a comment