WTI Crude Oil: oil prices continue to grow

TVC:USOIL   CFDs on WTI Crude Oil
Current trend

Prices for WTI crude oil show steady growth, updating record highs. The main driver of the instrument growth is geopolitical tension in the Middle East.

In particular, the markets reacted sharply to reports of interception by Saudi Arabia of missiles over Riyadh. Also, investors closely follow the actions of Donald Trump, who threatened a new massive shelling of Syria and criticized Moscow for supporting President Bashar al-Assad.

Meanwhile, the report on oil stocks published yesterday by the US Department of Energy was almost ignored by traders. Over the week for April 6, oil reserves rose sharply by 3.306 million barrels after a decline of more than 4.500 million barrels over the previous period. Analysts expected dynamics to maintain negative at the level of –0.189 million barrels.

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range is widening but does not conform to the development of the "bullish" trend yet.

There is an opportunity for planning corrective positions in the short term.

Resistance levels: 67.24, 68.00.

Support levels: 66.44, 66.00, 65.50, 64.89.

Trading tips

To open long positions one can rely on the breakout of the level of 67.24, while maintaining "bullish" signals from technical indicators. Take-profit – 68.00–68.20. Stop-loss — 66.44. Implementation period: 1-2 days.

The development of "bearish" trend with the breakdown of the levels of 66.44–66.00 may become a signal for correctional sales with target at 65.00–64.89. Stop-loss should be placed at the level of 67.00. Implementation period: 2-3 days.
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