Monday’s Technical Analysis: WTI Crude Oil
WTI Crude Oil closed higher on short covering Friday.
The high range close set the stage for a steady to higher opening when Monday’s US session opens in New York.
Stochastics and the RSI are Neutral signalling that sideways to lower prices are possible near term.
If WTI Crude Oil extends the decline off of the June high, the 87% Fibo retracement mark of the 2009-2011 rally crossing is the next Southside target.
Closes above the 20-Day MA crossing are needed to confirm that a low is in.
WTI Crude Oil retested 77.20 and is still below it, the Bearish expectations is valid, waiting to extend the bearish wave to move towards 76.25 then 73.85.
My technical indicators are providing positive signals through Linear Regression Indicators, RSI and MACD indicating the possibility of positive attempts and then attempt to break 77.20, which will halt the negative scenario.
Support: 75.90, 74.95, 73.85, 73.00, 72.65
Resistance: 77.20, 77.85, 78.75, 79.35, 80.00
Recommendation: negative expectations below 76.30, risk-limit above 77.20.
Note: WTI prices fell 12% in October, the sharpest drop since May 2012, and have entered a Bear market as they fell more than 20% this year.
US Crude Oil imports have been declining on the back of the shale Oil boom that has brought the US near energy independence.
Crude Oil’s collapse is largely attributed to lower global demand, which was accompanied by more production from the Organization of the Petroleum Exporting Countries (OPEC). OPEC members, seeking to defend their market share of a highly oversupplied Crude Oil market, have engaged in a ‘price ware.”
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.
Crude Oil is the underlying commodity of Chicago Mercantile Exchange’s COMEX Oil futures contracts.
The price of 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 DubaiorOman.
Have a terrific week.
Latest posts by Paul Ebeling (see all)
- Wall Street Analysts Upgrades, Downgrades And Initiations - September 1, 2015
- Gawk CEO Reviews Company’s Plans on The Stock Radio Online Radio Interview - September 1, 2015
- Crude Oil Spikes In Speculative Reaction To OPEC Statement - August 31, 2015
- NFL Gets A High Price for Intangible Benefits - August 31, 2015
- Chicago Agriculture Commodities Finish Higher - August 31, 2015
Trade FX, Equities and Options with the World's Leading Platform Open an account here , call us at 305 4904 116, or email us to get started.
Wall Street Analysts Upgrades, Downgrades And Initiations $BIDU, $GS, $INTC, ... read more
The Travel Expert team at ShuttleWizard.com has found an airfare ... read more