On analysis of the movements of WTI Crude Oil Futures, in different time frames, amid mind-boggling different noises in the air; look evident enough to reflect the growing concern over the falling oil prices since September 15th, 2019; when WTI formed last peak at $63.47 after a gap-up opening on the first trading session of that week. And, after coming downward up to $58.47, once again one more bullish attempt was there on September 16th, 2019 up to $63; but since then WTI Crude Oil Futures, after touching the lows of $51 on October 3rd, 2019, WTI Crude Oil Futures started to trade in a tight range $52.52 to $58.58; before closing at $57.95 on November 22nd, 2019.
No doubt, that the WTI Crude Oil Futures look evident enough to show the prevalence of weakness amid growing global concern over the final outcome from tumultuous tenure of Sino-U.S. tariff trade tussle; where even a partial deal between the two major economies still looks to be dream. No doubt that growing weakness in global economic front insists for a deep analysis of prevailing bearishness in WTI Crude Oil prices, in order to define the probabilities of improvement in bullish sentiments in Crude oil prices; especially at the time when most of the commodity analysts have different views about the future of crude oil price. Commodity Analyst Chris Vermeulen has described the depth of weakness in crude oil prices in a series of three-part articles
On the other hand, Barani Krishnan/Investing.com expressed concern which looks evident enough to reflect the real reason responsible for changing fundamentals may keep the currently prevailing bearishness in crude oil intact during the upcoming weeks.
But, I find that the WTI Crude Oil futures have not only found a bottom on October 3rd, 2019, but also have formed a strong platform since then, for a technical bounce too, after signaling the technical formations which have turned technical in favour of the oil bulls; since November 20th, 2019 when the WTI Crude Oil futures finally touched the bottom inside Ichimoku Clouds in a Daily Chart before coming above the Ichimoku Clouds; where the WTI Crude Oil Futures have to breach the next resistance at $59.59 before heading toward next resistance at $64.71. I find that a sustainable move of WTI Crude Oil futures above the level of $62 will confirm the continuity of an uptrend in WTI Crude Oil futures. Secondly, on the lower side, WTI Crude Oil Futures will definitely find strong support at the level of $50; and a downward move up to $52 will definitely provide a good opportunity to crude bulls to go long for the target of $66.66 during the third week of December 2019.
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