WTI Crude oil continues trading in the green zone. At the moment, the price is approaching an important resistance level of [+1/8] Murrey or 69.14. In case of its breakout, the next target will be 70.00.
The "black gold" was supported by Friday data from Baker Hughes: during the last week, the number of new drilling rigs decreased and reached 858 units, but in annual terms, the value is in the positive zone (+94 units). If the rate remains high, the growth of installations will continue and the companies will increase their production in order to maximize profits. Oil is also supported by the fall of USD, which continues to decline against major currencies in view of the US-China trade war.
Another positive factor was the statement of Saudi Arabia: the country plans to export only the volume of oil that will meet the demands of customers, thus, an uncontrolled production volume is not expected.
Support and resistance
Stochastic is at the level of 80 points and indicates the possible correction.
Resistance levels: 70.00, 70.45.
Support levels: 68.50, 68.00.
Short positions may be opened from the level of 70.00 with take-profit at 68.50 and stop loss at 70.45.
WTI Crude Oil
|Support levels||68.00, 68.50, 70.00, 70.45|
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