Crude oil futures price seems steady and depicting a well balanced equation between growing stockpile and supply cut agreed by OPEC and Non-OPEC member countries. This equation seems to be confirmed by the fact that even after the price negate announcement of crude oil inventories on March 24th, 2017; showing an increase of 5.0 million barrels last week, crude oil futures price did not move downward immediately because it had already fallen amid worries about the ongoing rebound in U.S. shale production.
On analysis of the movement of crude oil futures price in different time zone, I find it tends to consolidate well in accordance within the Decisive Zone as I predicted in my last analysis. On analysis of the crude oil futures price in the same daily chart on March 23rd, 2017 at 11:25:00. I find that the level of $47.60 is a good supporting level for the crude oil.
On analysis of the movement of crude oil futures price in different time zones, I find that a closing above $48.90 will definitely enhance the probabilities for a further up moves in the days ahead. I further expect crude oil to move well accordingly to predicted moving zone in a daily chart till April 12th, 2017.
Disclaimer: This analysis is purely based on the technical observations. I do not have any position in Crude Oil. One can create position in crude oil at his/her own risk.
