WTI CRUDE OIL
WTI CRUDE OIL
- USD (-)
- 10 min delayed data - NYMEX Futures
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Type: Commodities
Ticker: WBS
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WTI CRUDE OIL - WTI Rises as it Jumped Above 50-daily SMA - 02/10/2017 (GMT)

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  • Timeframe : 4H

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Oil prices remained virtually unchanged early this morning while OPEC-led production cuts supported the market. The West Texas Intermediate (WTI) Crude Oil printed the second consecutive positive day and jumped more than 3% since Wednesday. WTI is developing within an ascending move since April 2016, however, over the last eight weeks, is consolidating within a trading range with upper boundary the $54.70 resistance level and lower boundary the $51.47 support barrier.

Currently, the price surpassed above the 50-daily SMA and is approaching the aforementioned upper band while it recorded the second green day in a row. 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 an 18-month high. A failure to retest the latter level should prompt a drop towards the $51.47 support handle, where a battle is expected by both market forces. In addition, technical indicators seem to be in contrast. The RSI indicator rose above the 50 level after the rebound in the negative area while MACD is falling, however, is still holding above the zero line.
This member did not declare if he had a position on this financial instrument or a related financial instrument.

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