Light Crude Oil prices consolidates due to uncertainty in the market after OPEC Secretary-General Abdalla El-Badri commented that oil prices could hit $200 per barrel. Currently, OPEC holds its stance to continue its supply even though supply continues to outweigh demand, pushing prices below 50. The biggest problem lies in the mismatch between what is said and done within the OPEC, leading to uncertainty in the market. The range of candle movements has become much smaller. However, Light Crude Oil prices remains supported at 45.00.
Candles currently range between 45.00 and 46.40. Candle movements are slowly consolidating and a breakout is expected. Currently, 45.00 holds as a strong support and candles are bound to re-test 45.00 again this week.
|Bullish if candles continue to hold above 45||44.41||45.00||46.40||46.90||48.07|