Crude Oil Forecast and Technical Analysis Dec 8th
A strengthening U.S. dollar makes a negative effect on Crude Oil prices. However; Chinese data of earlier today supported the price.
For the midterm, we keep our idea of 60-62 USD.
2 important fundamentals are supporting the price:
OPEC supply cut
China’s demand which will this year overtake the United States as the world’s biggest crude importer. China’s crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day the second highest on record, data from the General Administration of Customs showed on Friday.
Crude Oil Forecast and Technical:
After a weak EIA data outcome, Crude Oil dropped and tested EMA 200 support of the H4 chart 55.85.
After the data, I shared on the telegram channel and mentioned 55.85.
It is positive for the Crude Oil price to stay above this support. Traders may have overdone it with lighter holiday volume and we could chart a course for higher prices again.
56.25 and 56.64 have been broken very fast. Now we have reached the main resistance: 57.00
Why 57.00 is important:
1.EMA 100 and EMA 50 resistances of the H4 chart
2.MA 20 / Median Bollinger Bands Line
RSI headed North Again.
What can be done for intraday trade?
An H4 closing above 57.10 will carry the price upper Bollinger Band on the daily chart. The targets will be 57.40 and 57.80.
If the price cannot break above 57.10, 56.64 and 56.25 will be tested again.
For the midterm, we keep our idea of 60-62 USD.
2 important fundamentals are supporting the price:
OPEC supply cut
China’s demand which will this year overtake the United States as the world’s biggest crude importer. China’s crude oil imports rose to 37.04 million tonnes in November, or 9.01 million barrels per day the second highest on record, data from the General Administration of Customs showed on Friday.
Crude Oil Forecast and Technical:
After a weak EIA data outcome, Crude Oil dropped and tested EMA 200 support of the H4 chart 55.85.
After the data, I shared on the telegram channel and mentioned 55.85.
It is positive for the Crude Oil price to stay above this support. Traders may have overdone it with lighter holiday volume and we could chart a course for higher prices again.
56.25 and 56.64 have been broken very fast. Now we have reached the main resistance: 57.00
Why 57.00 is important:
1.EMA 100 and EMA 50 resistances of the H4 chart
2.MA 20 / Median Bollinger Bands Line
RSI headed North Again.
What can be done for intraday trade?
An H4 closing above 57.10 will carry the price upper Bollinger Band on the daily chart. The targets will be 57.40 and 57.80.
If the price cannot break above 57.10, 56.64 and 56.25 will be tested again.
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