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US Crude Oil short term top in

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Chart suggests that buyers are facing a point where the sellers have been waitingCapture crude.PNG

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I can see where  is coming from. 

 

The oil chart is at an interesting juncture. I accept it could go either way and it may just be a slight pause before the next leg up due to supply restrictions. 

 

However, going forwards there are advances in alternative energies that mean the world could be less dependant on oil than in the past which does not bode well for the oil price long term. 

 

A shift is slowly occurring and it may take many years but my personal opinion is that the demand for oil will decline. 

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US inventories today  , price has turned , but really needs to get below that blue line for me to feel comfortable            Capture crude.PNG

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update  ......   trend line break                     Capture cre.PNG

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It's had a pull back, but as you can see from the lines , it's still in an uptrend. If  it makes a more significant  lower high, then a reversal may be on. I thought it might least reach that upper white line before reversing, but as my previous charts showed I saw the reversal happening before thatCapture clf.PNG

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I can see that Crude Oil prices have broken past the support. Going through the 59.00 level was key. It will be interesting to see if prices test support near the 50 day moving average of around 57.00. There looks to be a upward trend line that is around the 61.75 level. For me momentum is going to be important. It seems a little bit negative to me. 

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Hi Traders,

 

Buyers are aggressive on the Oil, but the upside of the price action is limited by fundamentals and technicals factors.

I will be looking for a swing trade to the down side.

 

Best Regards,
Omar.

.

19.02.18.png

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