Crude Oil Bounce ?

Crude Oil Bounce ?

Crude oil could be getting some sort of, at least, a short term bounce here shortly. The WTI (West Texas Intermediate) crude oil barrel price has been showing a clear bullish MACD divergence and, if and when, it breaks above the down trend line on the daily chart at around $32 a barrel, we can then expect it to continue higher to the Fibonacci levels at around $35.50 then $38.50 and finally $41.50 a barrel respectively. Whether this is something with longer term implications or a turn-around story is still unclear at this point and remains to be seen.

Waiting for your new posts . Thanks Mr. Mohd.

Dean Hollingsworth

Owner of Texas Commodity Trading Consultants, LLC

8y

i can sell WTI if anyone needs it. dean9807@gmail.com

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My 2 cents says that oil (WTI) has found some minor support at this level. The Weekly is slightly gaining strength with some downside "noise", The monthly is a "basket case" with nothing by downside (which is to be expected after the melt-down it had). The daily is ok and may go towards stablising the weekly.

Muhammad Ikram Khan

Accounting and Business Advisor | Author | Recruiter | ERP Strategist

8y

尚萨伊德Shan Saeed sir, what about bloodbath in economy you predicted before? if prices of oil keep increasing.

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善萨伊德Shan Saeed

Chief Economist at Juwai IQI

8y

Oil will touch $50 to 60/barrel by year end.

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