West Texas OilSingkat
OIL: Week 43 Outlook
Oil continues to stay range bound finishing the week down -2.17%. This is on the back of economic reports of a shrinking Chinese Economy and it’s consumption of Oil going down. Analyst measured China’s economy shrinking by 6% year to year in Q3, making Oil market participants slightly pessimistic on it’s move higher.
From a technical perspective, Oil squeezed out our shorter term Bear Channel to see a move higher. With it’s consolidation continuation we could see price grind around $52.50 and $55.00 in the next few weeks before the 3 touches of the support range is completed. We may see one additional touch of the $50.50/$51.50 range.
THE PLAY: We are bearish below a price print of $50.80 and lower.
From a technical perspective, Oil squeezed out our shorter term Bear Channel to see a move higher. With it’s consolidation continuation we could see price grind around $52.50 and $55.00 in the next few weeks before the 3 touches of the support range is completed. We may see one additional touch of the $50.50/$51.50 range.
THE PLAY: We are bearish below a price print of $50.80 and lower.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.