WTI CRUDE OIL - On a Free Fall, Recorded 6-Month Low and Locked Our Target - 05/05/2017 (GMT)

WTI crude oil dived even deeper and reached a 6-month low as investors doubt the ability of OPEC production cut scheme to limit production and boost prices. The black gold reached $44.00 a barrel in today’s trading session from $54.10 has been one month ago. Our winning recommendation was from $47.05 to $45.20 (see analysis here: http://bit.ly/2qyq1fa). During the current week, oil dropped 9.5% so far and will probably plunge further as there are no signs of trend reverse.

A daily close below $45.20, suggest that the next level to watch for the commodity is $42.90 strong support level. MACD is falling sharply in the negative area while RSI is also heading south below 30 level.