It seems that Oil prices will be moving out of its recent sideways momentum to the upside. The Trump tweet that temporarily forced prices down on Monday seemed to be a good chance to open a position. With the trade war seeming to have an ending, oil prices should be bullish in the short term.

Forecasting Checklist

• Oil industry news
  • Political Plays?
    • Trump Tweet on Monday forced prices much lower, but this seems only a temporary thing. v
    • OPEC ignored the aforementioned tweet and will continue to cut supply. ^
  • Level of uncertainty?
    • US-China Trade war seemingly close to resolution. ^
  • Upcoming events/meetings?
    • OPEC  – 18 April 2019 & maybe one in March
    • May – USA to redecide on Iran sanction waivers
• Check status of economies
  • Oil demand?
    • There is hope that oil demand will pick up. ^
• Check other charts for movement
  • Gold
    • general uptrend
• Technical analysis
  • TTM_LRC ranges
    • long term downtrend, but short term uptrend

The Forecast

It seems likely there is a short term uptrend in prices

• I am 86% confident that the price of WTI oil will not be below $49 on 17/04/2019.