Wednesday’s Technical Analysis: WTI Crude Oil (USO)
WTI Crude Oil closed lower Tuesday.
The low range close sets the stage for a steady to lower open Wednesday.
Stochastics and the RSI are Neutral to Bearish indicating that sideways to lower prices are possible near term.
Closes below the 20-Day MA crossing are needed to confirm that a short term top is in.
If WTI Crude Oil renews the rally off of its March low, the 38% Fibo retracement mark of the June-March decline crossing is the next Northside target.
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 Crude (OIL) from the North Sea.
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