Monday’s Technical Analysis: WTI Crude Oil
WTI Crude Oil closed lower Friday.
The high range close set the stage for a steady to higher opening when Monday’s US session begins to trade.
Stochastics and the RSI are turning Neutral to Bullish indicating that sideways to higher prices are possible near term.
Closes above the 20-Day MA crossing are needed to confirm that a low is in.
If WTI Crude Oil extends the decline off of its June high, the 75% Fibo retracement mark of the 2009-2011 rally crossing is the next Southside target.
Crude Oil is trading within a tight range and stable below the support of the descending channel.
Negative pressure is still ongoing keeping the Southside move favored in the coming frame targeting 80.00, then 78.00.
The positivity of MACD and RSI could lead to further sideways trading until the price gets a negative catalyst that support the Bearish extension which require stability below 82.10.
Support: 80.45, 80.00, 79.15, 78.70, 78.00
Resistance: 81.90, 82.70, 83.25, 84.05, 84.90
Recommendation: negative expectations below 82.10, risk-limit above 83.25.
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.
Crude Oil is lighter and sweeter than Brent Crude Oil, and considerably lighter and sweeter than Dubai orOman.
Have a terrific week.
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