CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices may turn lower after putting in a bearish Dark Cloud Cover candlestick pattern bolstered by negative RSI divergence. From here, a daily close below the 23.6% Fibonacci expansion at 57.72 targets the 56.61-82 area (resistance-turned-support,14.6% level). Alternatively, a push through the 38.2% Fib at 59.52 exposes the 50% expansion at 60.98.
Crude oil is expected to trade at 45.60 USD/BBL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 34.20 in 12 months time.
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