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Crude Oil WTI Futures - May 24 (CLK4)

Real-time derived
Currency in USD
Disclaimer
83.11
+1.76(+2.16%)
Real-time Data

Crude Oil WTI Futures Discussions

U.S. oil may end its weak bounce around a trendline resistance of $55.70 and then retest a support at $55.11 per barrel. The bounce is regarded as a pullback towards the rising trendline. It was triggered by the 23.6% projection level of an upward wave C from $53.71.The deep fall on Tuesday strongly suggests a reversal of the uptrend from $50.99. A retracement analysis on this trend reveals a brief piercing below the 38.2 level of $55.38. Chances are oil may fall to $54.54.A rise above the trendline may end around $55.98. On the daily chart, oil pierced below a support at $55.34, the 50% projection level of a downward wave C from $63.38. It has a better chance of falling to $53.44.
after all that analyses you have missed out a real factor of Aramco IPO!!!
Aramco IPO or any news will just speed up the trend . At the end Fibo levels should be resepcted .
not a factor, Aramco IPO won’t affect crude prices.
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