Wednesday’s Technical Analysis: WTI Crude Oil

Posted by: : Paul EbelingPosted on: January 28, 2015 Wednesday's Technical Analysis: WTI Crude Oil
 

Wednesday’s Technical Analysis: WTI Crude Oil

WTI Crude Oil closed higher Tuesday.

The  high range close set the stage for a steady to higher open Wednesday.

Stochastics and the RSI are Neutral to Bullish indicating that sideways to higher prices are possible near term.

If WTI Crude Oil extends this rally, the 75% Fibo retracement mark of the December-January decline crossing is the next Northside target.

 

US Crude Oil (USO) 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.

Other important Oil markers include the Dubai Crude, Oman Crude, Urals oil and the OPEC Reference Basket.

WTI Crude Oil is lighter and sweeter than Brent Crude Oil, and considerably lighter and sweeter than Dubai or Oman.

Stay tuned…

HeffX-LTN

Paul Ebeling

 

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.

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