{"id":46403,"date":"2023-06-07T07:42:00","date_gmt":"2023-06-07T06:42:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=46403"},"modified":"2023-06-09T19:19:41","modified_gmt":"2023-06-09T18:19:41","slug":"light-crude-oil-technical-analysis-feeling-bearish-2","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/light-crude-oil-technical-analysis-feeling-bearish-2\/","title":{"rendered":"Light Crude Oil Technical Analysis – Feeling Bearish"},"content":{"rendered":"\t\t
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Light crude oil<\/a> has started to trade towards multi-week highs after the world\u2019s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July.<\/p>

The kingdom\u2019s output will decline to 9 million barrels per day from around 10 million barrels in May, Saudi\u2019s energy ministry said in a statement at the start of the week causing oil to rally towards $72.00.<\/p>

Notably, OPEC did not make any changes to oil output, but Saud Arabia did. OPEC+ pumps approximately 40% of the world\u2019s crude and policy decisions can have a significant impact on prices.<\/p>

Commonwealth Bank of Australia is of the view that Saudi Arabia will extend July\u2019s production cuts if Brent futures<\/a> remain in the $70 to $75 per barrel range, or even drop below that.<\/p>

Technically, Crude oil looks vulnerable to more downside unless it starts to anchor above the $72.00 level. Any output decrease from OPEC could get oil prices closer to $75.00. This may in turn cause a cascade of longs to close if they feel OPEC is starting a trend in production increase.<\/p>

According to the ActivTrader market sentiment tool some 72 percent of traders are bullish towards crude oil, which suggests downside trading in Light Crude oil prices.<\/p>

Retail traders are typically on the wrong side of the trade and late to the price trend, so we should remain cautious while there is a large majority of retail traders are expecting more upside.<\/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

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Light Crude Oil short-term Technical Analysis<\/strong><\/p>

The lower time frames currently show that Crude oil has formed a large double bottom price pattern on the four-hour time frame, and Crude oil price is starting to look more bullish.<\/p>

The recent rise has caused a move above the Ichimoku Cloud, but no by signal is currently place. It is worth watching the $73.00 level, which is the 200-period moving average.<\/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

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Light Crude Oil medium-term Technical Analysis<\/strong><\/p>

The daily time frame shows that crude oil has formed a head and shoulder pattern, and this was really the problem for oil prices while the price trades below the $82.00 resistance level.<\/p>

It should be noted that crude has also fallen back and tested under its 200-day moving average for some time. The Ichimoku Cloud is also showing a bearish outlook for the medium term.<\/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

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Light crude oil has started to trade towards multi-week highs after the world\u2019s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July. The kingdom\u2019s output will decline to 9 million barrels per day from around 10 million barrels in May, Saudi\u2019s energy ministry said in a statement at […]<\/p>\n","protected":false},"author":4,"featured_media":28349,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[58,64,172,224],"yoast_head":"\nLight Crude Oil Technical Analysis - Feeling Bearish - 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\/light-crude-oil-technical-analysis-feeling-bearish-2\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Light Crude Oil Technical Analysis - Feeling Bearish Light Crude Oil Technical Analysis - Feeling Bearish\" \/>\n<meta property=\"og:description\" content=\"Light crude oil has started to trade towards multi-week highs after the world\u2019s top oil exporter Saudi Arabia announced further voluntary output cuts which will be implemented from July.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/light-crude-oil-technical-analysis-feeling-bearish-2\/\" \/>\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=\"2023-06-07T06:42:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-09T18:19:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/05\/GettyImages-504585706.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"479\" \/>\n\t<meta property=\"og:image:height\" content=\"301\" \/>\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:title\" content=\"Light Crude Oil Technical Analysis - 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