Friday’s Technical Analysis: WTI Crude Oil
WTI Crude Oil closed lower Thursday as it posted a possible upside reversal indicating that a short term low may be in or close.
The high range close sets the stage for a steady to higher opening when Friday’s US session opens.
Stochastics and the RSI are Neutral to Bearish indicating that sideways to lower prices are possible near term.
If WTI Crude Oil extends the decline off of the June high, the 50% Fibo retracement mark of the 2009-2011 rally crossing is the next Southside target.
Closes above the reaction high crossing are needed to confirm that a low is in.
In the Asian session, at GMT 0300, WTI Crude Oil is trading at 91.33, 0.25% higher from Thursday’s close.
WTI Crude Oil is expected to see 1st support at 89.16, a break there could push it to the next support at 86.99, it is expected to see 1st resistance at 92.52, and a break there could drive it to the next resistance at 93.71.
WTI Crude Oil is trading above its 20 Hr and 50 Hr MAs.
Support: 90.60, 90.00, 89.40, 88.80, 87.95
Resistance: 91.75, 92.40, 93.15, 94.00, 94.75
Recommendation: positve expectations above 91.75, risk-limit below 90.60.
West Texas Intermediate (WTI), also known as WTI Crude Oil or Texas light sweet, is a grade of Crude Oil used as a benchmark in Oil pricing.
This grade is described as light because of its relatively low density, and sweet because of its low sulfur content.
WTI Crude Oil is the underlying commodity of Chicago Mercantile Exchange’s COMEX Oil futures contracts.
The price of WTI Crude Oil is often referenced in news reports on Oil prices, alongside the price of Brent Crudefrom the North Sea.
WTI Crude Oil is lighter and sweeter than Brent Crude Oil, and considerably lighter and sweeter than Dubai orOman.
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