Crude Oil- BULLISH CONTINUATION!Attached: Crude Oil Daily Live Market Chart
On Sunday 2nd April 2023, Saudi Arabia and other OPEC+ oil producers announced further oil output cuts of around 1.16 million barrels per day.
Top OPEC producer Saudi Arabia said it would cut output by 500,000 bpd.
And due to this Surprise Output Cut, the Next Day itself Oil Prices Gapped Up and Closed Up 6.16% (+ 4.66 dollars)
Following that Prices have consolidated for 4 days giving Inside Bars, holding the Gap Zone
Today, Price is finally some some Buying Action
It appears that the Gap Up is a Breakaway Gap and now Oil Prices are ready to Break Out of the 4 day Consolidation
Looking at Moving Averages:
20 EMA has crossed above 50 EMA giving a Buy Signal
Price is consolidating right below 200 EMA and once its Breaks above it, Price is to Accelerate on the Upside
LEVELS:
Current Market Price= $ 81.40
Upside Target:
$ 92 to $ 100
Stop Loss:
below $ 79
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