Oil Market forecast for March 21
Hello fellow steemians, today I'm gonna center my analyses on the Oil Market (WTI). Tomorrow will be released the weekly crude oil inventories by the Energy Information Administration (EIA). As usual, this should shake up the Oil market. There is an estimated surplus of 2.5 M barrels. After last week 5 M surplus, if numbers beat expectations again, we should probably see a drop in the Oil price for the next couple of days. If not i expect it to continue it's up trend.
I've drawn this channel a couple of weeks ago, and so far is holding up beautifully. There is no denying that we are currently in an uptrend. As the Dow Theory says "trends exist until definitive signals prove that they have ended".
If price holds in the middle of the channel until the release of data, we will probably see the price moving to one of his limits, accordingly to the data being "good" or "bad".
By the way, right now bitcoin is flirting the 9k line like i said yesterday here.
https://steemit.com/cryptocurrency/@rixard/bitcoin-short-term-analyse-and-market-recap-for-19-march-2018
As always you can follow my trades here http://partners.etoro.com/B9224_A51912_TClick.aspx
Remember this is no financial advice. Use this information at your own risk!
Cool Post. Since you got the bitcoin tag do you have a prediction for Bitcoin over the next few days? Also followed you for future posts :)
It's on my yesterdays post here: https://steemit.com/cryptocurrency/@rixard/bitcoin-short-term-analyse-and-market-recap-for-19-march-2018
I think it will go up at leastto 9.5k, but who can tell for sure, right?
Thanks for the support :)