Current trend

WTI crude oil today shows a decline due to the growth in the number of drilling rigs in the US, which may lead to an increase in supply in the market. The price, however, continues to be in the region of three-year highs. The market is supported by a number of factors, the main one of which is the prospect of imposing new sanctions against Iran.

Support and resistance

On D1 chart the instrument is trading between the upper and lower lines of Bollinger Bands, price range is expanded. MACD histogram is in the positive area keeping a signal for the opening of long positions.

Support levels: 66.36, 65.49, 64.48, 66.35, 66.10.

Resistance levels: 67.63, 68.29, 69.46, 69.92.

Trading tips

Long positions may be opened from the level of 69.00 with target at 69.50 and stop-loss at 68.70. Implementation period: 1-3 days.

Short positions may be opened from the level of 66.30 with target at 65.50 and stop-loss at 66.70. Implementation period: 3-5 days.

WTI Crude Oil

BuySellSpread
70.70170.60596

Scenario

TimeframeDay's Range
RecommendationsBUY STOP
Entry Point69.00
Take Profit69.50
Stop Loss68.70
Support levels66.10, 66.35, 64.48, 65.49, 66.36, 67.63, 68.29, 69.46, 69.92

Alternative scenario

RecommendationsSELL STOP
Entry Point66.30
Take Profit65.50
Stop Loss66.70
Support levels66.10, 66.35, 64.48, 65.49, 66.36, 67.63, 68.29, 69.46, 69.92
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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