WTI CRUDE OIL
WTI CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
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Type: Commodities
Ticker: WBS
ISIN:

WTI CRUDE OIL - WTI is Moving Sideways for 7 Weeks - 01/30/2017 (GMT)

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  • Timeframe : Daily

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The West Texas Intermediate (WTI) is developing within an ascending move since April 2016 however, over the last seven weeks, is consolidating within a trading range with upper boundary the $55.25 resistance level and lower boundary the $51.47 support barrier.

Currently, the price is testing the 50-daily SMA while it is trading above it since the end of November. For the long-term traders, as it stands, if the bulls are strong enough to push the oil further up, we would expect an extension towards the $55.70 barrier, a level tested on January 3rd and is the 18-month high. A failure to retest the latter level should prompt a move lower towards the $51.47 support handle, where a battle is expected by both market forces. For the short-term traders, now, we expect a further upside movement until the $54.30 resistance level while the 50-weekly SMA crossed the 100-SMA to the upside which indicates a bullish signal. Additionally, on the daily chart, technical indicators are flattening near its mid-levels with some weak momentum.
This member did not declare if he had a position on this financial instrument or a related financial instrument.

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