{"id":18424,"date":"2021-11-19T07:08:00","date_gmt":"2021-11-19T07:08:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=18424"},"modified":"2021-11-19T09:04:14","modified_gmt":"2021-11-19T09:04:14","slug":"crude-oil-technical-analysis-could-still-tag-90-00","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-could-still-tag-90-00\/","title":{"rendered":"Crude Oil Technical Analysis &#8211; Could still tag $90.00"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"18424\" class=\"elementor elementor-18424\" 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-836a6bb elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"836a6bb\" 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-eda8b21\" data-id=\"eda8b21\" 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-2e95868 elementor-widget elementor-widget-text-editor\" data-id=\"2e95868\" 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 very volatile this week, with <a href=\"https:\/\/bit.ly\/3cq8pbu\" target=\"_blank\" rel=\"noopener\">Crude oil<\/a> moving back under the $80.00 area and briefly dipping towards $76.00 and suffering downside weekly losses of close to $3.00.<\/p><p>Oil prices have recovered slightly this morning after dropping to six-week lows as investors wondered about how much crude major economies would release from their strategic reserves and indeed how much that may actually ease global crude demand pressures.<\/p><p>Looking back, oil prices slumped to their lowest levels since early October by mid-week, after OPEC and the International Energy Agency warned of impending oversupply, while rising COVID-19 cases in Europe increased downside risks to demand recovery.<\/p><p>Traders are still on the fence towards oil prices with so many factors in the mix, such as supply issues and commodity demand. We should also consider the ongoing dynamics with the Biden administration and US inflation.<\/p><p>The Biden administration has asked some of the world&#8217;s\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/asia-looks-spr-shock-treatment-high-oil-prices-after-us-request-2021-11-18\/\">largest oil consuming nations<\/a>\u00a0such as <a href=\"https:\/\/www.reuters.com\/business\/energy\/exclusive-china-reserve-bureau-working-crude-oil-release-2021-11-18\/\">China<\/a>, India and Japan to consider releasing crude stockpiles in a coordinated effort to\u00a0<a href=\"https:\/\/www.reuters.com\/business\/energy\/oil-under-pressure-us-looks-lead-spr-shock-treatment-2021-11-18\/\">lower global energy prices<\/a>, according to several sources.<\/p><p>This is a big factor to watch over the coming weeks and into year-end and it will likely decide whether we see $70.00 or $90.00 next for crude oil prices.<\/p><p>Looking at sentiment metrics, bullish sentiment amongst retail participants is particularly high, which is could certainly hint at more losses. The retail crowd 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 towards the $70.00 level.<\/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-8e3d00a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"8e3d00a\" 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-7502fd2\" data-id=\"7502fd2\" 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-73d0931 elementor-widget elementor-widget-image\" data-id=\"73d0931\" 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\/3cq8pbu\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"446\" height=\"169\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/LCRUDE-CHART-2.png\" class=\"attachment-large size-large wp-image-18428\" 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-6df229a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6df229a\" 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-db5eb71\" data-id=\"db5eb71\" 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-958a564 elementor-widget elementor-widget-text-editor\" data-id=\"958a564\" 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 short-term Technical Analysis<\/strong><\/p><p>The lower time frames currently show that crude oil prices are trading within an extremely large broadening expanding wedge pattern.<\/p><p>According to the support line of the typically bullish price pattern crude oil be about to fall towards $74.00 level now that a breakout from this expanding wedge pattern has taken place. To the upside, the $82.50 level is trendline resistance.<\/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-c0d799c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c0d799c\" 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-38b21f4\" data-id=\"38b21f4\" 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-4f7d8f6 elementor-widget elementor-widget-image\" data-id=\"4f7d8f6\" 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\/3cq8pbu\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"564\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/LCRUDE-4H-2.png\" class=\"attachment-large size-large wp-image-18430\" 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-6e5bff9a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e5bff9a\" 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-229f53c9\" data-id=\"229f53c9\" 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-3421c24c elementor-widget elementor-widget-text-editor\" data-id=\"3421c24c\" 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\/3cq8pbu\" 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-db8da4b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"db8da4b\" 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-1b5d9ff\" data-id=\"1b5d9ff\" 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-8533ac8 elementor-widget elementor-widget-text-editor\" data-id=\"8533ac8\" 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 oil has run into rising trendline resistance and could be due for a substantial price correction over the coming days and weeks.<\/p><p>Crude oil has also been extremely overbought according to the daily and weekly RSI, so a technical correction is extremely healthy at this stage. Buying between the $71.00 to $70.00 region could be a great dip-buying opportunity.<\/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-3ef5e12 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3ef5e12\" 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-90e9166\" data-id=\"90e9166\" 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-e8c62e8 elementor-widget elementor-widget-image\" data-id=\"e8c62e8\" 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\/3cq8pbu\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"936\" height=\"557\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/LCrude-1d-1.png\" class=\"attachment-large size-large wp-image-18431\" 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-4c2b2af2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4c2b2af2\" 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-1e7ad276\" data-id=\"1e7ad276\" 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-50aa17e8 elementor-widget elementor-widget-text-editor\" data-id=\"50aa17e8\" 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\/3cq8pbu\" 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 very volatile this week, with Crude oil moving back under the $80.00 area and briefly dipping towards $76.00 and suffering downside weekly losses of close to $3.00. Oil prices have recovered slightly this morning after dropping to six-week lows as investors wondered about how much crude major economies would release from [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":18426,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[45,64,101,172],"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 - Could still tag $90.00 - 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-could-still-tag-90-00\/\" \/>\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 - Could still tag $90.00\" \/>\n<meta property=\"og:description\" content=\"Oil prices have been very volatile this week, with Crude oil moving back under the $80.00 area and briefly dipping towards $76.00 and suffering downside weekly losses of close to $3.00. Oil prices have recovered slightly this morning after dropping to six-week lows as investors wondered about how much crude major economies would release from [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-could-still-tag-90-00\/\" \/>\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=\"2021-11-19T07:08:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-19T09:04:14+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/11\/GettyImages-924697738.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"810\" \/>\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-could-still-tag-90-00\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/crude-oil-technical-analysis-could-still-tag-90-00\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"Crude Oil Technical Analysis &#8211; 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