{"id":17481,"date":"2021-10-29T06:20:00","date_gmt":"2021-10-29T05:20:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=17481"},"modified":"2021-11-01T23:31:33","modified_gmt":"2021-11-01T23:31:33","slug":"crude-oil-technical-analysis-90-00-still-indicated","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-90-00-still-indicated\/","title":{"rendered":"Crude Oil Technical Analysis &#8211; $90.00 Still Indicated"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17481\" class=\"elementor elementor-17481\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-5f42197 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"5f42197\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-29f48a5\" data-id=\"29f48a5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a42181a elementor-widget elementor-widget-text-editor\" data-id=\"a42181a\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Oil prices have been correcting this week, with <a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\" rel=\"noopener\">Crude oil<\/a> moving back towards the $80.00 support area as oil traders await the November 4<sup>th<\/sup> OPEC meeting and the November 3<sup>rd<\/sup> FOMC decision.<\/p><p>Weaker than expected US GDP data and fears that oil supplies may start to increase due to a global slowdown and supply constraints are currently weighing on the sentiment towards commodities. Recent <a href=\"http:\/\/bit.ly\/2P2PglH\" target=\"_blank\" rel=\"noopener\">Amazon<\/a> and <a href=\"http:\/\/bit.ly\/2Zmw200\" target=\"_blank\" rel=\"noopener\">Apple<\/a> results did little for market sentiment also.<\/p><p>Fears over a new COVID-19 variant, and that global supply remained constrains will remain in place are other factors to watch could cause further oil price weakness below $80.00.<\/p><p>Despite these fundamental warning signs and the weekly price pullback, the charts surrounding Crude oil is still very bullish, and continue to be predicting further massive price gains.<\/p><p>A huge, inverted head and shoulders pattern formed this week, with the pattern predicting gains towards $90.00. The pattern has been playing out recently but has yet to meet its overall upside objective.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-94f02ec elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"94f02ec\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-734f9df\" data-id=\"734f9df\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6729a70 elementor-widget elementor-widget-image\" data-id=\"6729a70\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"460\" height=\"164\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/LCRUDE-CHART.png\" class=\"attachment-large size-large wp-image-17485\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f24443d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f24443d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7c13832\" data-id=\"7c13832\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0af34f0 elementor-widget elementor-widget-text-editor\" data-id=\"0af34f0\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Looking at sentiment metrics, bullish sentiment amongst retail participants is particularly high, which is pretty worrying. The retail crows are often on the wrong side of the trade, so we do need to consider this.<\/p><p>According to the ActiveTrader market sentiment tool some 83 percent of traders are bullish towards crude oil, leaving plenty of scope for a further downward correction in Crude oil.<\/p><p><strong>Crude Oil short-term Technical Analysis<\/strong><\/p><p>The lower time frames currently show that crude oil is forming an extremely large broadening expanding wedge pattern. The pattern will be activated if crude oil rallies through the $80.00 to $85.60 price range.<\/p><p>According to the overall size of the bullish pattern crude oil rally by around $5.00 at a minimum once we see a breakout from this expanding wedge pattern.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b56af12 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b56af12\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6385e26\" data-id=\"6385e26\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8fa5f0b elementor-widget elementor-widget-image\" data-id=\"8fa5f0b\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"561\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/LCRUDE-4H.png\" class=\"attachment-large size-large wp-image-17486\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2a91d0e2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2a91d0e2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-711c52b7\" data-id=\"711c52b7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2b5e226e elementor-widget elementor-widget-text-editor\" data-id=\"2b5e226e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-db765d4 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"db765d4\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-54beeaa\" data-id=\"54beeaa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e36cf8d elementor-widget elementor-widget-text-editor\" data-id=\"e36cf8d\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>Crude Oil medium-term Technical Analysis<\/strong><\/p><p>The daily time frame shows that a much larger inverted head and shoulders pattern has been invalidated, following the breakout above the October 2020 trading high.<\/p><p>This pattern has a massive price target above $90.00, however, it should be noted that it unclear whether Crude can actually reach $90.00. I think $90.00 is possible as indicated by the technical on the lower and higher time frame.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-8528d1a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8528d1a\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1548d50\" data-id=\"1548d50\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-ef123cf elementor-widget elementor-widget-image\" data-id=\"ef123cf\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"562\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/LCrude-1d-1.png\" class=\"attachment-large size-large wp-image-17487\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-2fe0b08f elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"2fe0b08f\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4635ba\" data-id=\"4635ba\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5e87a031 elementor-widget elementor-widget-text-editor\" data-id=\"5e87a031\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3jnkwKA\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Oil prices have been correcting this week, with Crude oil moving back towards the $80.00 support area as oil traders await the November 4th OPEC meeting and the November 3rd FOMC decision. Weaker than expected US GDP data and fears that oil supplies may start to increase due to a global slowdown and supply constraints [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":17482,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[45,64,172],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crude Oil Technical Analysis - $90.00 Still Indicated - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-90-00-still-indicated\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crude Oil Technical Analysis - $90.00 Still Indicated\" \/>\n<meta property=\"og:description\" content=\"Oil prices have been correcting this week, with Crude oil moving back towards the $80.00 support area as oil traders await the November 4th OPEC meeting and the November 3rd FOMC decision. Weaker than expected US GDP data and fears that oil supplies may start to increase due to a global slowdown and supply constraints [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-90-00-still-indicated\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-29T05:20:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-01T23:31:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/GettyImages-519807149-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"728\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-90-00-still-indicated\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-90-00-still-indicated\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Crude Oil Technical Analysis &#8211; 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