WTI Crude Oil futures look to be more influenced by different noises amid OPEC hopes and fear of economic slowdown, rather than any other factor – be it a fundamental or technical. Despite the prevalence of hopes from the Organization of the Petroleum Exporting Countries for trimming output after a meeting planned for Dec. 6, oil prices fell to their lowest in more than a year on Friday, on course for their biggest one-month decline since late 2014. Still, I find that oil bears will not dare to test the “Bear Trapping Zone” before December 6, 2018. Let’s have a look at the movement of WTI crude oil futures in the following charts.
Daily WTI Crude Oil
4-Hour WTI Crude Oil
Disclaimer: This analysis is only for educational purpose. Readers are requested to kindly consider their own view first, before taking any position.