Overall view of XTIUSD or Crude OIL - Midterm Technical Analysis

Fundamental Analysis: U.S. crude stocks fell by nearly 11 million barrels last week, the Energy Information Administration reported on Wednesday, well above analysts’ expectations for a drop of 4 million barrels. Oil prices have also been under pressure from concerns about global economic growth amid growing signs of harm from the U.S.-China trade war that has rumbled on over the last year. Despite the bullish supply-side fundamentals and geopolitics that support oil prices, it seems that the market needs a positive economic catalyst to move appreciably higher.

Technical Analysis: The energy security has been swinging between a tight 2.5points range, increasing the odds of a breakout. Since we are in a bearish trend, we are likely to break downside and delight a higher low or lower low around @51.000 level.

Target: Stay bearish and sell any high point while we don't break upside 57.500 and aim a take profit around @51.000.

تعليق:

Oil enters the third consecutive week with a ranging behaviour (2.5 points) increasing the odds of a breakout.

تعليق:

Breakout upside with successive inventories shortage. Oil is heading 60$ per barrel.