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Nov 16, 2018

WTI Crude Oil Price Analysis for November 16- December 31, 2018

                               WTI Crude Oil Price Analysis for November 16- December 31, 2018

Oil prices continued to slide, with a decline of more than 20% from its Oct. 3 high. On Friday, crude lost 0.8% to settle at $60.19 a barrel, its 10th consecutive session of losses—and its longest losing streak since 1984. Early next month OPEC will meet to decide whether to restrict what some analysts consider to be, an oversupplied market.

Crude oil has been tumbling recently on higher supply and Trump’s calls for the OPEC to refrain from curbing production. Still, Saudi Arabia has reiterated its plans to reduce output in order to adjust to weaker demand and to lift prices also.

Easing fears of trade troubles between the US and China leading up to the Trump-Xi meeting during the G20 Summit might also lift the commodity price. It has been reported that the next set of trade measures are on hold, although spokespersons have denied this claim. Still, any signs that both nations could refrain from imposing more tariffs could be positive for businesses, sentiment, and energy demand.

    Last Price: 56.47
    Daily change: 59 pips
    Daily change: 1.06%
    Daily Open: 55.88
    Daily SMA20: 63.01
    Daily SMA50: 68.5
    Daily SMA100: 68.37
    Daily SMA200: 68.35
    Daily High: 56.06
    Daily Low: 55.81
    Weekly High: 63.05
    Weekly Low: 59.24
    Monthly High: 76.25
    Monthly Low: 64.86
    Daily Fibonacci 38.2%: 55.91
    Daily Fibonacci 61.8%: 55.96
    Daily Pivot Point S1: 55.77
    Daily Pivot Point S2: 55.67
    Daily Pivot Point S3: 55.52
    Daily Pivot Point R1: 56.02
    Daily Pivot Point R2: 56.17
    Daily Pivot Point R3: 56.27

Forecast oil prices will be about 50-52 a barrel and return to 65-70 a barrel

Trading Strategies:
BUY AREA 50-52 a barrel
Takeprofit 1:65 a barrel
Takeprofit 2:70 a barrel
Good trading!

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