Will WTI Crude Bears Dare To Test Trapping Zone?

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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.

Will WTI Crude Bears Dare To Test Trapping Zone?

Daily WTI Crude Oil

Will WTI Crude Bears Dare To Test Trapping Zone?

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.

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