Many of you asking about the next Oil direction and like to know whats our thought on Crude Oil. We are still bullish on Oil. As you can see on Chart Oil has strong demand at 20 levels and also forming the triple bottom pattern. This suggesting as long as Oil can hold 19 as support, it has a strong probability to go higher even can move above 30++ in upcoming weeks.
Oil has reached 28 in the last working days but heavily sell-off from 28 to 23. As we all know OPEC has agreed to cut the production except Mexico. Now after Trump’s conversation with Mexico president, Trump has agreed to cut additional Oil production by 250,000-300,000 barrels per day to help Mexico. This will definitely boost oil prices. Let’s see how Oil price opens this week and hold the support zone. So far the vibe is positive to lift the Oil prices higher.
One the other hand, If Oil prices break 19 and a daily close below 19 will trigger more selling pressure and we might see Oil trading below 15.
This trading analysis is only for getting an idea about the current market situation. This is not a signal. These can be used for education purposes only.