another head and shoulder pattern is seen on four hour time frame which is against its similar head and shoulder pattern in daily time frame as depicted in my below analysis
if this pattern confirmed downward move toward 76$ is probable . please see my previous analysis
The West Texas Intermediate Crude Oil market initially rallied during the day on Friday but gave back gains rather quickly in order to show signs of hesitation yet again. There are some concerns that Russian production is going to increase by 50% in the Ural regions. Despite that, the market still sits above a rather significant support level . We don’t really know what to do with oil at the moment, and I suspect that we are waiting for the FOMC meeting and statement, perhaps giving a bit of a “heads up” as to where the demand picture will start to come into the equation.
Commento
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WTI and Brent crude oil came under pressure from indications of strong Russian supply, despite an EU ban and G7 price cap imposed over its invasion of Ukraine. Both oil benchmarks last week saw their first weekly loss in three.
oil loadings from Russia’s Baltic ports are set to rise by 50% this month from December as sellers try to meet strong demand in Asia and benefit from rising global energy prices
Commento
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With the focus on the central banks this week, market is showing little reaction to the potentially bullish news from the International Monetary Fund (IMF).
The IMF on Tuesday raised its 2023 global growth outlook slightly due to “surprisingly resilient” demand in the United States and Europe, and easing of energy costs and the reopening of China’s economy after Beijing abandoned its strict COVID-19 restrictions.
The IMF said global growth would still fall to 2.9% in 2023 from 3.4% in 2022, but its latest World Economic Outlook forecasts mark an improvement over an October prediction of 2.7% growth this year with warnings that the world could easily tip into recession.
The IMF report could have longer-term implications, but at this time, crude oil traders want to hear the comments from central bank officials about chances of a recession. This will have a greater influence on prices over the near-to-mid-term.
Good look at the market. We are posting ours for comparison purposes:
MtICHI
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@TradingShot, tnx for your contribution and sharing
Gymveski
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Agreed W in motion after RUV.
Rockqet
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Hello there I agree with your bearish bias on USOIL. We might actually have the same idea. I'm looking to take profit at 77.90, where the 50% Fibonacci line and support is. Please check out my idea here: