{"id":145441,"date":"2019-04-09T08:30:34","date_gmt":"2019-04-09T12:30:34","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=145441"},"modified":"2019-04-09T06:58:44","modified_gmt":"2019-04-09T10:58:44","slug":"crude-oil-nearing-resistance-could-a-new-top-form-here","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/04\/crude-oil-nearing-resistance-could-a-new-top-form-here\/","title":{"rendered":"Crude Oil Nearing Resistance \u2013 Could A New Top Form Here?"},"content":{"rendered":"
April 9, 2019<\/div>
\r\n<\/div><\/div>

By TheTechnicalTraders.com<\/u><\/a><\/strong><\/p>\n

The recent recovery in Crude Oil has, partially, been based on increasing expectations of a global economic recovery taking place and the continued news that the US\/China will work out a trade deal.\u00a0 Crude inventories.\u00a0 Just last week US Crude Oil inventories came in at +7.2 million barrels vs. expectations of -425,000 barrels ().\u00a0 Additionally, concerns in Syria and Libya are pushing prices a bit higher as well.\u00a0 Whenever there are supply concerns or uncertainty out of this region, prices tend to rise.<\/p>\n

The facts remain very dynamic for Oil.\u00a0 The US is continuing to produce more and more oil and is expected to become a \u201cnet exporter\u201d of oil this year.\u00a0 Economic issues will, eventually, resolve themselves, yet we don\u2019t know the final outcome of these trade deals or how the economy will react to any milestones that are required within the final settlement.\u00a0 And, again, these continuing issues in Libya, Syria and near this region are likely to cause some increased levels of uncertainty over the next 60+ days.<\/p>\n

Our researchers, at TheTechnicalTraders.com<\/u><\/a><\/strong>, believe the $65.00 level will act as resistance to this current upswing.\u00a0 We believe the upside price move may continue to levels near $67.50 before weakening and beginning a topping formation.\u00a0 We believe our expectation that precious metals will bottom near April 21~24 is key to understanding the dynamics of this move in Oil.\u00a0 As long as FEAR does not enter the market, then Oil will likely react to impulse factors exclusively related to Oil.\u00a0 Once Gold breaks out above $1500 per ounce, our belief is that Oil will react to fear factors related to some broader economic event driving investors into precious metals.<\/p>\n

Therefore, we are urging traders to be cautious of the upside price swing in Oil at the moment.\u00a0 Yes, we believe the upside will continue for at least another 10~15 days (possibly changing direction near April 21~24).\u00a0 Yes, we believe current global dynamics support moderately higher Oil prices.\u00a0 Yet, we feel these factors may change within the next 20~45 days as we believe some increased fear levels are about to hit the global markets.<\/p>\n

\"\"<\/p>\n

 <\/p>\n

At this point, we would urge Bullish Oil traders to start to become more cautious of any downside risks and begin to prepare for increased volatility.\u00a0 We don\u2019t have any real clue as to how this move will setup, but we do believe our other research support increased volatility within the Crude Oil markets and the potential for a new downside price swing before any further upside move sets up.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t 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>

\r\n
\r\n
\r\n

<\/a>\r\n\t 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>

\r\n<\/div>\r\n

\r\n
<\/div>\n

Please take a minute to review this research post from January 31, 2019: Learning From our SP500, Gold and Oil Research & Profit.<\/p>\n

We\u2019ve recently launched a new technology solution for our members that delivers our incredible research and trading solutions.\u00a0 You can also visit TheTechnicalTraders.com<\/u><\/a><\/strong> to learn more about our research team and past article.\u00a0 20129 is going to continue to be an incredible year for skilled traders \u2013 you won\u2019t want to miss these big moves that are setting up.<\/p>\n

Chris Vermeulen<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By TheTechnicalTraders.com The recent recovery in Crude Oil has, partially, been based on increasing expectations of a global economic recovery taking place and the continued news that the US\/China will work out a trade deal.\u00a0 Crude inventories.\u00a0 Just last week US Crude Oil inventories came in at +7.2 million barrels vs. expectations of -425,000 barrels […]<\/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-145441","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/145441","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=145441"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/145441\/revisions"}],"predecessor-version":[{"id":145442,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/145441\/revisions\/145442"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=145441"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=145441"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=145441"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}