CRUDE Oil Forecast and tehcnical analysis Nov 17th

Crude Oil is trading on the let’s wait and see mode. OPEC and Non-OPEC summit will be held on November 30th. Bearish consolidation is in action.

The International Energy Administration (IEA) is predicting a slowdown on demand with the market in overbought mode, made this correction this week shaky

CRUDE Oil Forecast

I look at “this sell-off” as a technical correction. Above chart is one of my long-term charts. Crude Oil prices broke above the longterm downtrend line and tested 58 USD ( a historical level as well )

Now it pulled back towards the upper line of the midterm rising channel. 55.50 is the resistance of the smaller chart time frames.

Technically:
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CRUDE-DAILY-TW

Source: http://www.fxters.com/crude-oil-forecast-tehcnical-analysis-nov-17th/

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