{"id":140707,"date":"2019-01-28T07:40:18","date_gmt":"2019-01-28T12:40:18","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=140707"},"modified":"2019-01-28T07:00:55","modified_gmt":"2019-01-28T12:00:55","slug":"will-oil-find-support-above-50","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/01\/will-oil-find-support-above-50\/","title":{"rendered":"Will Oil Find Support Above $50?"},"content":{"rendered":"
January 28, 2019<\/div>
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By TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n

Recent global news regarding Venezuela, China, and global oil supply\/production have resulted in the price of Oil pausing over the past few weeks near $53 to $55 ppb.\u00a0 We believe the continued supply glut and uncertainty will result in oil prices falling, briefly, back below $50 ppb before any new price rally begins.\u00a0 Our researchers at\u00a0TheTechnicalTraders.com<\/u><\/a> believe historical resistance near $54~55 is strong enough to drive prices lower before new momentum picks up for a renewed price rally.<\/p>\n

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Eventually, yes, oil will rally above $55 and attempt to target the $65+ price level.\u00a0 Yet we don\u2019t believe that move is going to happen right now.\u00a0 We believe the global uncertainty; the slowing Chinese economy and the global supply glut will result in a fundamental price decrease before any momentum for an upside price move begins.\u00a0 Our analysis suggests a price move back below $50 ppb, likely targeting the $46~47 level, where basing may occur.<\/p>\n

Uncertainty in Venezuela and other oil-producing nations may result in a disruption in supply at some point in the future.\u00a0 We must be cautious of unknown situations that could result in dramatic price shifts.\u00a0 Yet, overall, with supply levels still high and slowing global economic expectations, it makes sense that oil would attempt to base and find support near recent lows \u2013 between $46~48.<\/p>\n

Visit\u00a0TheTechnicalTraders.com<\/u><\/a><\/strong> to learn how we can help you find and execute better trades in 2019.\u00a0 Learn how our proprietary predictive modeling systems have called these moves in the past and how our research team can assist you in finding great opportunities in the future.<\/p>\n

Chris Vermeulen<\/p>

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By TheTechnicalTraders.com Recent global news regarding Venezuela, China, and global oil supply\/production have resulted in the price of Oil pausing over the past few weeks near $53 to $55 ppb.\u00a0 We believe the continued supply glut and uncertainty will result in oil prices falling, briefly, back below $50 ppb before any new price rally begins.\u00a0 […]<\/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-140707","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/140707","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=140707"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/140707\/revisions"}],"predecessor-version":[{"id":140708,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/140707\/revisions\/140708"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=140707"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=140707"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=140707"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}