Hourly chart for Crude Oil futures shows a correction to the recent uptrend after failing to clear above $46 resistance. Watch for short term support at $44.50. A break below this level will see declines extending towards $44.50 (rounded off).
This is the short term view.
In the long term, the dip to $43.50 could potentially mark a renewed uptrend as November 30th OPEC meeting looms. Being long on crude oil near $43.30 - $43.50 gives a lower risk, high reward set up as Oil could hit $50 by the month's end.
This is the short term view.
In the long term, the dip to $43.50 could potentially mark a renewed uptrend as November 30th OPEC meeting looms. Being long on crude oil near $43.30 - $43.50 gives a lower risk, high reward set up as Oil could hit $50 by the month's end.