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WTI Crude Oil Breaks Below Triple Bottom, is it Covering the Gap?

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!

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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