{"id":137073,"date":"2018-11-12T09:58:45","date_gmt":"2018-11-12T14:58:45","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=137073"},"modified":"2018-11-12T06:58:35","modified_gmt":"2018-11-12T11:58:35","slug":"will-oil-find-support-near-60","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/11\/will-oil-find-support-near-60\/","title":{"rendered":"Will Oil Find Support Near $60?"},"content":{"rendered":"<div id=\"inves-285983841\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 12, 2018<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><strong>By <a href=\"http:\/\/bit.ly\/1zUUpun\" target=\"_blank\" rel=\"noopener\"><u>TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n<p>Our research team warned of this move in Crude Oil back on October 7, 2018.\u00a0 At that time, we warned that Oil may follow a historical price pattern, moving dramatically lower and that lows near $65 may become the ultimate bottom for that move.\u00a0 Here we are with a price below that level and many are asking \u201cwhere will it go from here?\u201d.<\/p>\n<p>We believe the support near $65, although clearly broken, may eventually become resistance for a future upside price move.\u00a0 Our proprietary Fibonacci price modeling system is suggesting a new target near $52~53 and we believe this downside move in Oil is far from over at this point.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-26736\" src=\"https:\/\/www.thetechnicaltraders.com\/wp-content\/uploads\/2018\/11\/Chart_18-11-09_CL_W_Fib.png\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" srcset=\"https:\/\/www.thetechnicaltraders.com\/wp-content\/uploads\/2018\/11\/Chart_18-11-09_CL_W_Fib.png 700w, https:\/\/www.thetechnicaltraders.com\/wp-content\/uploads\/2018\/11\/Chart_18-11-09_CL_W_Fib-300x189.png 300w\" alt=\"\" width=\"700\" height=\"440\" \/><\/p>\n<p>The current global climate for Oil is that suppliers are pumping more and more oil into the market at a time when, historically, prices should continue to decline.\u00a0 One of our research tools includes the ability to identify overall bias models for each week, month or quarter.\u00a0 Historically, Oil is dramatically weaker in the month of November and relatively flat for the month of December.<\/p>\n<p>&nbsp;<\/p>\n<p>Analysis for the month of November = 11<\/p>\n<ul>\n<li>Total Monthly Sum : -44.52000000000001 across 36 bars<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Analysis for the month of December = 12<\/p><div id=\"inves-4262707226\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<ul>\n<li>Total Monthly Sum : -0.699999999999922 across 36 bars<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>We believe the price of oil will continue to drift lower to target the $52~53 Fibonacci support level before attempting to find any real price support.\u00a0 This equates to an addition -6 to -8% price decline for skilled traders.\u00a0 We will alert you with a new research post as this downward price move continues or new research becomes available.<\/p>\n<p>We have been calling these types of market moves all year and recently called the top in the US Equity markets nearly 40 days before it happened.\u00a0 Want to know what we think is going to happen for the rest of 2018 and into early 2019?\u00a0 Visit <a href=\"http:\/\/bit.ly\/1zUUpun\"><u>www.TheTechnicalTraders.com\/FreeResearch\/<\/u><\/a> to read all of our public research posts.\u00a0 Isn\u2019t it time you invested in a team of researchers and tools to assist you in finding greater trading success?<\/p>\n<p>Chris Vermeulen<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By TheTechnicalTraders.com Our research team warned of this move in Crude Oil back on October 7, 2018.\u00a0 At that time, we warned that Oil may follow a historical price pattern, moving dramatically lower and that lows near $65 may become the ultimate bottom for that move.\u00a0 Here we are with a price below that level [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-137073","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/137073","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=137073"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/137073\/revisions"}],"predecessor-version":[{"id":137074,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/137073\/revisions\/137074"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=137073"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=137073"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=137073"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}