WTI CRUDE OIL - Recorded a 4-Month High at $50.84 - 09/19/2017 (GMT)

Oil prices edged higher last week after the reports that OPEC members delivered more than 90% of the outputs cuts they agreed to a deal in January. The West Texas Intermediate crude oil surged 6% and managed to challenge a four-month high at $50.84. Additionally, the violent run broke the descending trend line to the upside and we are expecting for further bullish movements.

The price met our suggested target before it penetrated the diagonal line (see technical analysis here: http://bit.ly/2wmpJH5). On the short-term timeframe, in case of a jump above $50.84 will open the door for the $52.05 resistance level. The RSI indicator is strengthening into the positive path, while the MACD oscillator rose above the trigger line.