WTI is showing evidence of weakness on its price and if there is a price rejection on a retest of the the high, then crude oil will visit some support levels before 2019 ends...
H4:
- Structure: Downwards
- Price approaching ascending trend line channel
- Approaching high timeframe resistance zone
- RSI Divergence suggest high momentum imminent
Sell to ascending channel bottom (@56.50)
psychological level, then buy to ascending channel top (@61.00)
4xteam.co.uk
#WTI for next week is looking good for continuation. After a sell off on Wednesday and us catching 80 pips of the move. Oil recovered pretty much instantly and recovered the whole move with more the day after. Moving on to Thursday where we made new highs for the month. Some small selling on Friday. Which is typical, but, if levels shown above are held. I would...
Trading suggestion:
. There is a possibility of temporary retracement to suggested support line (56.22). if so, traders can set orders based on Price Action and expect to reach short-term targets.
Technical analysis:
. USOIL is in a range bound and the beginning of uptrend is expected.
.The price is above the 21-Day WEMA which acts as a dynamic support.
....
Crude oil is currently at key point of resistance. the first 2 time, it didnt pass, now its at its 3rd time. it has very high probability it can't break the resistance start its retracement.
Crude Oil is a naturally occurring liquid fossil fuel resulting from plants and animals buried underground and exposed to extreme heat and pressure. Crude oil is one of the most demanded commodities and prices have significantly increased in recent times. Two major benchmarks for pricing crude oil are the United States' WTI (West Texas Intermediate) and United Kingdom's Brent. The differences between WTI and Brent include not only price but oil type as well, with WTI producing crude oil with a different density and sulfur content. The demand for crude oil is dependent on global economic conditions as well as market speculation. Crude oil prices are commonly measured in USD. Although there have been discussions of replacing the USD with another trade currency for crude oil, no definitive actions have been taken.
This website uses cookies to ensure you get the best experience on our website. To learn more about cookies, including how to control cookies, please read our Cookies Policy.
