Three drive in USOil: Price falling and wait for the better buy

FX:USOIL   原油差價合約(WTI)

From the perspective of harmony, it can be seen from the picture that the price of the vicinity of 1.272 of 1-2 band is near $54.84.There are also recent potential resistance levels near the 3-4 band of 1.272, $57.74, which makes up the three-drive model.This region has been the support level in the early years of 2015.There is a risk that oil prices will take a lot of profit.If the future of the Saudi anti-corruption storm comes down, the market is expected to cool down, and there is a possibility that prices will fall back and hit the neckline near $52.

But fall is for better rise!There is an obvious change: the overall trend of crude oil has U.S. crude, has formed the shape of the head and shoulders bottom on the drawing, the price in early October strong breached $52 near the neck line, established the basic building at the bottom of the landscape.But it is worth noting that the current neckline has not yet been tested by the price, which has been boosted by an increase in crude oil production and an extension of the Saudi iron fist.The agreement to cut production between Opec and non-opec is due to expire in March 2018, with renewed calls for a renewed cut.Saudi Arabia's energy minister mana Hector said recently that the supply and demand gap is shrinking, the decline in inventories, Opec led is very good, the implementation of the distributed protocol Opec and its Allies is expected to extend the production agreement.Russian President vladimir putin also said he could extend the deal to the end of the year.This has a role in reducing the supply of oil .

On the other hand, Saudi Arabia has pursued an anti-corruption drive, arresting 11 princes and nearly 40 ministers.It reflects the leadership's implementation of economic reform, gradually reducing its dependence on crude oil , diversifying its economy, and reducing the impact of low oil prices on the national economy.It also means that Saudi Arabia is more willing to slash output than to compete with Russia and the United States for crude oil prices.It also helped push up market expectations.

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RSI is now below 30, three drive begin!
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