Long term view. The chart patterns in the ellipses are occurring twice in the last 9 years, first in 2009, and now again from end of December 2017 to present day, and as we see that cycles repeat, expectations are the price of Crude Oil to go even higher against $80 - $100 per bbl.
And it is not just the technical analysis that appoints to this scenario happening, but also yesterday we got very clear vision for the future price directly from Saudi Arabia, officials stated Saudi Arabia needs price of oil to get to $100, and considering they have the power to adjust the production output in partnership with OPEC members and also non OPEC members in accordance with the demand and risks occurring around the oil markets, we can expect positive months for the oil markets to come.

As the price makes correction to the downside buyers are emerging on levels below $65 and $63. As we expect that the price will rise, it has probability of going up gradually with resistances occurring close to these levels: $70, $72, $75, $80, $85, $92, $96.

Following these events it is also good to monitor oil companies shares, and shares of companies that are very closely connected to the oil markets as they can be in gains from the rising oil prices too.
 
Link for the chart of Crude oil: https://www.tradingview.com/x/AmuufSOy/
Link for a video analysis for the Oil from previously: https://thetrade.academy/blog/crisis-impact-on-markets-syria-oil-gold-12-apr-2018

Risk warning!
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Trading carries a high level of risk to your capital and may result in losses that exceed your initial deposit. You should first be aware of the risk and know what you do before you proceed with trading. Supplied information is not advice.

Author: Blagoja Pazarkoski, mCMI. Trading and Strategy Mentor at The Trade Academy.