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 - Had an Aggressive Sell-Off - Plunged 6% This Week - 04/20/2017 (GMT)

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  • Timeframe : 8H

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The West Texas Intermediate (WTI) crude oil plummeted down to $50.52, a fresh two-week low, recording three negative daily sessions. The price slipped more than 6% this week and is approaching the 200-daily SMA which is slightly above the $50.15 support level as Kuwait’s oil prime minister stated on Thursday that he expects a global agreement to extend the oil production cuts beyond June. If there is no retracement to the upside after the hit on the latter level, then we would expect for a further bearish run until the ascending trend line, near $49.00. Additionally, it should be noted that the medium-term rising trend line, which dates back in March of 2016, continues to provide a significant support to the price action.

The technical structure remains to the downside, with the oil meeting some short-term and medium-term selling interest. On the daily chart, the RSI indicator plunged below the 50 level whilst the MACD oscillator had a negative crossover with the trigger line despite that is still holding in the positive path.
This member did not declare if he had a position on this financial instrument or a related financial instrument.

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