Quotes of WTI crude oil continues to rise within the mining market reaction to the decision of OPEC to reduce oil production since the beginning of 2017. At the moment, there is potential for a downward correction under the willows mining bearish Wolfe wave model with a view to falling below the area of $ 45 per barrel.
WTI crude oil forecasts and analyst on December 6, 2016
An additional signal in favor of the fall is the formation of reversal pattern failure swing in the relative strength indicator, which indicates the breakdown of the area of $ 50 per barrel. Cancellation option will be a strong increase in WTI quotes above the level of 54 dollars per barrel.
WTI crude oil forecasts and analyst on December 6, 2016 suggests an attempt to fall within the beginning of the descending pattern Wolfe waves with the immediate goal of the fall to a level below the area of $ 50 per barrel.
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