Still, WTI could be back at Thursday’s lows veritably soon! 

, If the Omicron variant turns out to be worse than presentlyexpected.OPEC decided to stick to the plan and increase canvas force by bpd, despite enterprises about the Omicron variant of the coronavirus and an blazoned release of strategic reserves by some countries. With little still known about the variant, OPEC decided to roll the bones and see what happens. The script was always to release bpd, but with query as to how the contagion will affect demand, dealers were skeptical OPEC would oblige. In addition, the coordinated release of canvas reserves from the UK, US, Japan, South Korea, and India left a sour taste in the mouths of OPEC officers as they contemplated what to do regarding an increase in force. Oh, and I forgot to mention that the price of canvas had dropped over 20 in November! 

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 Despite the increase, OPEC left themselves a relief stopcock An open ending to the meeting! They notified the requests that they reserve the right to cut product at any time. So, member nations are on buttress, ready to takeback the increase if demanded! 

.

 WTI Crude Oil had been moving advanced in an orderly channel since August 23rd from a price of62.01 up to the October 25th highs at85.90. Price broke lower below the channel on November 3rd as the FOMC blazoned tapering on bond purchases. It also bounced into the bottom trendline near85.15. Still, price couldn't take hold above the trendline when the US CPI data was released on November 10th. Price retraced nearly 100 of the August 23rd to October 25th move, including a12.64 move lower on November 26th, as the Omicron variant of the coronavirus was blazoned. Price formed a hammer candlestick on the diurnal timeframe, a sign of a bullish reversal. 

 

 On Thursday, WTI crude canvas made a low of62.78 as the OPEC statement was blazoned. Still, with an oversold RSI, price bounced as dealers realized the door was open to “ takeback” the hike. Resistance is just above moment’s highs at67.89, the 200 Day Moving Average at70.12 and the38.2 Fibonacci retracement from the November 10th highs to the December 2nd lows, at71.33. Support is at Thursday’s low of62.78, ahead of the August 23rd lows at61.54. 


 Interestingly, USD/ NOK didn't withdrawal as Crude Oil rallied. Crude canvas and USD/ NOK have a strong negative correlation. As crude canvas moves lower, USD/ NOK moves advanced. The current correlation measure for the 2 means is-0.87. Does USD/ NOK know commodity Crude dealers do n’t, indeed with the overbought RSI? Tuesday’s high is9.1292. Still, it can snappily move to the 127, If price moves over there.2 Fibonacci extension from the August 20th highs to the October 21st lows at9.3278. The161.8 Fibonacci extension and vertical resistance is at9.60/9.61. Still, it would mean WTI is presumably moving lower, If USD/ NOK moves to these situations. Still, if near- term resistance holds, vertical support is at8.7076 and also the 50-and 200- Day Moving Pars at8.6228 and8.5704,respectively.However, WTI is presumably moving advanced, If price moves towards these situations. 

 

 Despite the OPEC decision moment to increase affair by bpd, WTI Crude Oil ended the day advanced. The “ escape clause” in the statement gave them a way too take back the increase in force. In addition, the RSI was in oversold home. Still, if the Omicron variant turns out to be worse than presently anticipated, WTI could be back at Thursday’s lows veritably soon! 

.

Still, WTI could be back at Thursday’s lows veritably soon! 

, If the Omicron variant turns out to be worse than presentlyexpected.OPEC decided to stick to the plan and increase canvas force by bpd, despite enterprises about the Omicron variant of the coronavirus and an blazoned release of strategic reserves by some countries. With little still known about the variant, OPEC decided to roll the bones and see what happens. The script was always to release bpd, but with query as to how the contagion will affect demand, dealers were skeptical OPEC would oblige. In addition, the coordinated release of canvas reserves from the UK, US, Japan, South Korea, and India left a sour taste in the mouths of OPEC officers as they contemplated what to do regarding an increase in force. Oh, and I forgot to mention that the price of canvas had dropped over 20 in November! 

. 

 Despite the increase, OPEC left themselves a relief stopcock An open ending to the meeting! They notified the requests that they reserve the right to cut product at any time. So, member nations are on buttress, ready to takeback the increase if demanded! 

.

 WTI Crude Oil had been moving advanced in an orderly channel since August 23rd from a price of62.01 up to the October 25th highs at85.90. Price broke lower below the channel on November 3rd as the FOMC blazoned tapering on bond purchases. It also bounced into the bottom trendline near85.15. Still, price couldn't take hold above the trendline when the US CPI data was released on November 10th. Price retraced nearly 100 of the August 23rd to October 25th move, including a12.64 move lower on November 26th, as the Omicron variant of the coronavirus was blazoned. Price formed a hammer candlestick on the diurnal timeframe, a sign of a bullish reversal. 

 

 On Thursday, WTI crude canvas made a low of62.78 as the OPEC statement was blazoned. Still, with an oversold RSI, price bounced as dealers realized the door was open to “ takeback” the hike. Resistance is just above moment’s highs at67.89, the 200 Day Moving Average at70.12 and the38.2 Fibonacci retracement from the November 10th highs to the December 2nd lows, at71.33. Support is at Thursday’s low of62.78, ahead of the August 23rd lows at61.54. 


 Interestingly, USD/ NOK didn't withdrawal as Crude Oil rallied. Crude canvas and USD/ NOK have a strong negative correlation. As crude canvas moves lower, USD/ NOK moves advanced. The current correlation measure for the 2 means is-0.87. Does USD/ NOK know commodity Crude dealers do n’t, indeed with the overbought RSI? Tuesday’s high is9.1292. Still, it can snappily move to the 127, If price moves over there.2 Fibonacci extension from the August 20th highs to the October 21st lows at9.3278. The161.8 Fibonacci extension and vertical resistance is at9.60/9.61. Still, it would mean WTI is presumably moving lower, If USD/ NOK moves to these situations. Still, if near- term resistance holds, vertical support is at8.7076 and also the 50-and 200- Day Moving Pars at8.6228 and8.5704,respectively.However, WTI is presumably moving advanced, If price moves towards these situations. 

 

 Despite the OPEC decision moment to increase affair by bpd, WTI Crude Oil ended the day advanced. The “ escape clause” in the statement gave them a way too take back the increase in force. In addition, the RSI was in oversold home. Still, if the Omicron variant turns out to be worse than presently anticipated, WTI could be back at Thursday’s lows veritably soon! 

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