Oil is trading within the channel of 67.17–66.40.
Over the past few days, the instrument has lost about 1.5% mainly due to the news that OPEC plans to decide to increase the production at the next meeting. The second negative factor was the strengthening of the US currency due to the tightening of Fed’s monetary policy. On the other hand, as long as Iran and its nuclear program situation is not resolved, "black gold" will not be able to fall rapidly, as embargo and further US sanctions implementations are possible.
This week, the traders are focused on API Weekly Crude Oil Stock release.
Support and resistance
Stochastic is around 65 points and does not give signals for opening positions.
Resistance levels: 67.18, 68.00.
Support levels: 66.40, 66.00.
Long positions can be opened after a breakdown of the level of 67.18 with the target at 68.00 and stop loss 66.40.
WTI Crude Oil
|Support levels||66.00, 66.40, 67.18, 68.00|
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