WTI CRUDE OIL PRICE $Light Crude Oil - main 2208(CLmain)$ 

Are we set for a further move down in OIL prices or will the bulls have something to say about it?! Will we get some relief at those petrol pumps anytime soon?! Targets to the down side 70 to 60 USD now possible?

(Watch the full WTI CRUDE OIL analysis on my latest YouTube video on my channel: https://youtu.be/sstEpQ3NYjE)

Key takeaways:

Current Opinion / Outlook:  Bearish - Weak Bearish

Sentiment: (see chart attached)
Seasonality - currently bearish but about to turn bullish
Commitment Of Trader Data  = Bearish
Fundamentals:
Rig Count - Neutral / Weak Bearish
Inventories - Neutral (watch for large outliers - results out Wednesday)

Key price zones:
See Line Chart: Downside zone 80 to 70 USD - key support / break area at 75USD.

Targets & Risk Management (See also Renko chart attached)....

Bullish upsides: T1: 102, T2: 113, T3: 125
Bearish Downsides: T1 81 T2 75 T3: 62
Stops: Bullish 86, Bearish 96

Conclusion: down to 75 USD before hitting resistance and key possible support area looks like a more probabilistic trade. Watch out for the fundamentals though - they can turn it on a dime! Volatility picking up again suggesting bigger / faster moves ahead.

If you’d like to find out more about what I do, you can get in touch with me via:
Email: info@thestophunter.co.uk
Website: www.thestophunter.co.uk
YouTube: thestophunter

Visit my YouTube channel for loads of free educational content / courses / tips / analysis /ideas via TIGER: THE STOP HUNTER Intro Post & Links (Links to YouTube at bottom of post)

Best of luck with the trading,

Regards

Stephen