Crude Oil has been on a bullish development since early October, when it made a bullish reversal above the $50 zone. Rumours from OPEC that they c
Crude Oil has been on a bullish development since early October, when it made a bullish reversal above the $50 zone. Rumours from OPEC that they could reduce manufacturing once more have saved US WTI crude bullish and it has moved above the large spherical stage at $60, the place it has been buying and selling most of this week.
We did see a dive on the finish of November, after the Russian Power Minister steered that one other manufacturing reduce from OPEC+ won’t come till the center of subsequent 12 months. However, OPEC determined to chop by an extra 50ok barrels/day nonetheless, which has helped Oil costs stay bullish.
As you’ll be able to see from the H1 chart above, the 50 SMA (yellow) has been offering assist throughout pullbacks, pushing the development increased, which reveals that the development is fairly robust. Proper now, we’re seeing one other retrace decrease, however the 50 SMA remains to be holding, regardless of a short piercing. Now the pullback down is full and the worth fashioned a doji on the 50 SMA, which is a bullish reversing sign after the pullback. So, we determined to take this chance and go lengthy from right here.