Crude Oil at critical juncture – might make a bearish reversal by DanV on TradingView.com
28 November 2017
For more details and background please read my article on Long Term Analysis of Oil published recently at http://www.talkmarkets.com/content/etfs/crude-oil-remains-a-slippery-customer-the-likely-future-direction?post=155533&uid=8599
OPEC meeting is schedule on Thursday the 30th November 2017. It is widely anticipated that OPEC members and other cooperating oil producing nations will agree an extension of the production cut beyond March 2018. It remains to be seen if they will and in what form. Any disappointment could be a big catalyst in which the saying “buy the rumour and sell the news” might hold true.
Please see the accompanying charts and comments in the update section below.
Conclusion: If the reversal of price is confirmed, then it could offer several ways of taking bearish position either directly OR Oil related Stocks and ETFs.
Warning: This is my interpretation of price action using TA approach that I consider helps me most but could be completely wrong. Therefore as always, do your own analysis for your trade requirement and ignore my views.
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DanV