In our previous update, “WTI Crude Oil Stays Above Triple Bottom – Can it Fill the Gap?” we spoke about a massive gap caused by G20 Summit. The market was supposed to fill the gap on the same day or in the coming days. I think today is the day when oil is likely to fill the gap.

• Crude oil traded in line with our forecast and bounced off above $52 support to target $53.45 and $54. Anyway, it’s coming back now, probably to fill the gap.
• On the hourly timeframe, oil is peaking below a triple bottom level of $52, and a closing of hourly candle below $52 support may add further sell-off until $51.35 and $50.50.

Fellas, don’t forget to monitor the OPEC meeting as any news regarding output cut can drive dramatic bullish moves in crude oil and vice versa.

OPEC Output Cut – In case the OPEC members decide to cut the oil output, there will be a massive bullish movement in the WTI crude oil. The immediate targets can be $54.35 and $56.75.

No Cut in Output – In that case, we may see a massive sell-off in the crude oil prices until $50 and 49.45.

Good luck!