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Navigation FX - Technical Analysis
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[QUOTE="Navigation FX, post: 115697, member: 39595"] [B]XTI/USD OPEC Crude Oil – Technical Analysis[/B] Crude Oil – Head and Shoulders Pattern The headline news this week is OPEC and Oil. Will OPEC deliver a production cut for oil? All the eyes are on Vienna and OPEC’s annual gathering with a waited decision on production levels. An OPEC deal on Wednesday delivering a concrete supply reduction of at least 1M barrels a day, with non-members such as Russia on board could increase oil beyond the $40-$50 range. Traders pushed Brent towards $50 a barrel last week. News on Friday that Saudi Arabia would not attend a meeting with Russia and Kazakhstan on Monday pulled back crude below $48. Following our technical analyst. We had drawn an ascending triangle which seems to be very consistent as shown in our recent post. On the diagram we have highlighted the 2 shoulders. With both of these properties present, Crude Oil may be expected to fall $9 (the height between the head and the neckline). The area highlighted in blue shows an estimation of where we believe this may happen if OPEC meeting. [IMG]http://www.forexfactory.com/attachment.php?attachmentid=2080905&stc=1&thumb=1&d=1480323950[/IMG] However, there is much uncertainty still fundamentally, we are awaiting to hear more from OPEC on Wednesday. For more: [URL]http://www.navigationfx.com/xtiusd-opec-crude-oil-technical-analysis/[/URL] Thanks for the read! [/QUOTE]
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