{"id":49047,"date":"2019-01-28T14:00:54","date_gmt":"2019-01-28T19:00:54","guid":{"rendered":"https:\/\/www.ino.com\/blog\/?p=49047"},"modified":"2019-01-28T10:20:38","modified_gmt":"2019-01-28T15:20:38","slug":"will-oil-find-support-above-50","status":"publish","type":"post","link":"https:\/\/wwwtest.ino.com\/blog\/2019\/01\/will-oil-find-support-above-50\/","title":{"rendered":"Will Oil Find Support Above $50?"},"content":{"rendered":"<p>Recent global news regarding Venezuela, China, and global oil supply\/production have resulted in the price of Oil pausing over the past few weeks near $53 to $55 ppb. We believe the continued supply glut and uncertainty will result in oil prices falling, briefly, back below $50 ppb before any new price rally begins. Our researchers at <a href=\"https:\/\/broadcast.ino.com\/redirect\/?linkid=4558\" rel=\"noopener\" target=\"_blank\">The Technical Traders<\/a> believe historical resistance near $54~55 is strong enough to drive prices lower before new momentum picks up for a renewed price rally.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.ino.com\/img\/sites\/ino\/email\/10338.jpg\" width=\"700\" height=\"440\" alt=\"Oil\" class=\"aligncenter size-full\" \/><\/p>\n<p>Eventually, yes, oil will rally above $55 and attempt to target the $65+ price level. Yet we don\u2019t believe that move is going to happen right now. We believe the global uncertainty; the slowing Chinese economy and the global supply glut will result in a fundamental price decrease before any momentum for an upside price move begins. Our analysis suggests a price move back below $50 ppb, likely targeting the $46~47 level, where basing may occur.<!--more--><\/p>\n<p>Uncertainty in Venezuela and other oil-producing nations may result in a disruption in supply at some point in the future. We must be cautious of unknown situations that could result in dramatic price shifts. Yet, overall, with supply levels still high and slowing global economic expectations, it makes sense that oil would attempt to base and find support near recent lows \u2013 between $46~48.<\/p>\n<p>You don\u2019t have to be smart to make money in the stock market, you just need to think differently. That means: we do not equate an \u201cup\u201d market with a \u201cgood\u201d market and vi versa \u2013 all markets present opportunities to make money!<\/p>\n<p>We believe you can always take what the market gives you, and make a CONSISTENT money. <\/p>\n<p>Learn more by visiting <strong><a href=\"https:\/\/broadcast.ino.com\/redirect\/?linkid=4558\" rel=\"noopener\" target=\"_blank\">The Technical Traders<\/a><\/strong>! <\/p>\n<p>Chris Vermeulen<br \/>\n<a href=\"https:\/\/broadcast.ino.com\/redirect\/?linkid=4558\" rel=\"noopener\" target=\"_blank\">Technical Traders Ltd.<\/a><\/p>\n<p><span style=\"font-size: 12px; font-style: italic;\">Disclosure: This article is the opinion of the contributor themselves. The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. This contributor is not receiving compensation for their opinion.<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Recent global news regarding Venezuela, China, and global oil supply\/production have resulted in the price of Oil pausing over the past few weeks near $53 to $55 ppb. We believe the continued supply glut and uncertainty will result in oil prices falling, briefly, back below $50 ppb before any new price rally begins. Our researchers [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":29,"featured_media":49048,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6920],"tags":[3046,28,889,9913],"class_list":["post-49047","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ino-com-contributors","tag-chris-vermeulen","tag-crude-oil","tag-crude-oil-analysis","tag-the-technical-traders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v23.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Will Oil Find Support Above $50? - INO.com Trader&#039;s Blog<\/title>\n<meta name=\"description\" content=\"Will Oil Find Support Above $50? 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