Crude Oil Prices Breaks Bearish Trendline

We have reached our second target at 53.40 on Crude Oil. - See attached -
A last minute news is on the wires :

Qatar’s Energy Minister Saad al-Kaabi told a news conference Monday that the country would withdraw from OPEC on January 1, 2019.
The country’s energy minister said the move represents a “technical and strategic” change, Reuters reported, and was not politically motivated.

Another news came from G20:

Putin Says Russia, Saudi Arabia Will Extend OPEC+ Oil Pact…Russia and Saudi Arabia agreed to extend into 2019 their deal to manage the oil market, known as OPEC+, although Moscow and Riyadh have yet to confirm any fresh output cuts.

“There is no final decision on volumes, but together with Saudi Arabia we will do it,” Putin told reporters about extending the agreement in Buenos Aires. “And whatever number there will be based on this joint decision, we agreed that we will monitor the market situation and react to it quickly.”

Technically:
On the smaller charts we have deep crab pattern confirming a minor correction.

As seen on the H4 Chart, Bearish Trendline has been broken.

Pullbacks towards 53.00 and 52.50 can be used as buying opportunities targeting 54.90, 57.50 and 61.42.

Good Luck

تعليق:

SMA 100 H4 Chart modified as the TP level.

تعليق:

Potential pullbacks can be used as adding long orders.