Crude Oil Forecast Week 25-29 September
Emre Tutucu | Sep 24, 2017 12:52AM ET
Fundamentals:
United States CFTC Oil NC net positions increased to 418.1K from previous 374.5K. Crude Oil closed the week higher on Friday, with prices extending a streak of weekly gains, as major oil producers at an OPEC-led committee meeting boasted record compliance with their production-cut agreement, but, as expected, reached no decision to extend the agreement.
Technicals:
We can see the bullish trend on the weekly chart. Weekly ATR 2.769. Oil ended above MA50 of the weekly chart. The next target is likely to be 53.00 USD Fibonacci 23.60%.
However, there is an important supply zone acts as a strong resistance. The green zone, between 51.20 and 52.00 is very important for the continuation of upward movement. 50.30 is the Fibonacci Retracement of 61.80%. And 49.60 is the main support. Below 49.60, 48.90 and 48.20 are the key levels.
We can see that price is stuck between 49.50 and 50.80 last 3 days. Crude Oil is likely to move 100-130 pips in the same direction of the breakout. We must keep this in our minds to create our Monday trading strategy.
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