Crude Oil Price Forecast. Prepare to decline

At the moment, the price of oil is affected by:

• → fears of what will happen to the market after December 5, when the European embargo on Russian oil comes into effect;
• → US election results. The parties will fight the energy crisis;
• → fears of new outbreaks of COVID in China.

According to market analyst Oleg Alexandrov, the chart is showing the bearish reversal pattern:

#Oil #oilprice #CrudeOil #TradingSignals pic.twitter.com/UUKABfWgkw

— Oleg Alexandrov (@_olegalexandrov) November 9, 2022

1 → the price tried to break out on growing volumes. This is an attempt at a bullish channel breakout.

2 → the price moved back into the channel on yesterday’s candle. The bulls’ attempt seems to have failed.

So far, the overal picture shows a positive trend, as the price is holding above the orange trend line. However, everything can change today, on the 9th of November, when the news about oil reserves in the US will be published.