Current trend

On Friday oil quotes are correcting after recent growth to the level of 58.32 but still remain on quite high levels. The fall of oil prices is supported by the news about the beginning of repair works at Forties pipeline in the North Sea near the UK shore. The operation of the pipeline is likely to restore around Christmas which is faster than was previously expected.

Today market players are waiting for the report by Baker Hughes on active oil platforms in the USA (21:00 GMT+2). In general, market activity before the holiday is expected to be low.

Support and resistance

Technical indicators show relevant quietness of the market and side tendency of the rate. Bollinger Bands are directed to the side. MACD histogram is in the positive zone and moving along the zero line.

Support levels: 57.81, 57.42, 57.03.

Resistance levels: 58.20, 58.59, 58.98.

Trading tips

Buy positions may be opened above 58.20 with targets around 58.59-58.98 and stop-loss at 58.05.

Sell positions may be opened below the level of 57.81 with targets around 57.42-57.03 and stop-loss near 57.95.

WTI Crude Oil

BuySellSpread
58.6658.5790

Scenario

TimeframeDay's Range
RecommendationsBUY STOP
Entry Point58.25
Take Profit58.59, 58.98
Stop Loss58.05
Support levels57.03, 57.42, 57.81, 58.20, 58.59, 58.98

Alternative scenario

RecommendationsSELL STOP
Entry Point57.75
Take Profit57.42, 57.03
Stop Loss57.95
Support levels57.03, 57.42, 57.81, 58.20, 58.59, 58.98
WTI Crude Oil: general review

The material published on this page is produced by the Claws&Horns Company and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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