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.