Current trend

Anti-Iranian sanctions supports the oil market, and the price continues to keep the 4-year highs.

Today, the instrument has slightly strengthened, despite the strong USD and the growth of API Weekly Crude Oil Stock indicator. Meanwhile, the correlation gap between WTI and Brent is increasing, and, according to Citigroup’s analysts, the difference in quotations will reach $15 dollars per barrel amid growing stocks in the largest American terminal in Cushing.

EIA Crude Oil Stocks change release is due today at 16:30 (GMT+2). The expected growth will have a short-term pressure on the price, but the “bullish” trend, supported by anti-Iran sanctions, remains relevant.

Support and resistance

On the 4-hour chart, an upward trend is in the correction. The instrument is trading at the top of Bollinger bands, testing resistance level of 75.30. The indicator is directed upwards, and the price range remains wide, reflecting maintenance of the upward trend. MACD histogram keeps a strong buy signal. Stochastic left the oversold area, the buy signal is relevant.

Resistance levels: 75.32, 75.77, 76.29.

Support levels: 74.32, 73.73, 72.80, 71.65, 70.25, 69.20, 68.31, 66.76.

Trading tips

Long positions can be opened from the current level with the target at 76.40 and stop loss 74.70. Implementation period: 1–2 days.

Short positions can be opened below the level of 74.70 with the target at 72.60 and stop loss 75.85. Implementation period: 1–3 days.

WTI Crude Oil

BuySellSpread
56.8756.7980

Scenario

TimeframeWeekly
RecommendationsBUY
Entry Point75.00
Take Profit76.40
Stop Loss74.70
Support levels66.76, 68.31, 69.20, 70.25, 71.65, 72.80, 73.73, 74.32, 75.32, 75.77, 76.29

Alternative scenario

RecommendationsSELL STOP
Entry Point74.60
Take Profit72.60
Stop Loss75.85
Support levels66.76, 68.31, 69.20, 70.25, 71.65, 72.80, 73.73, 74.32, 75.32, 75.77, 76.29
WTI Crude Oil: general analysis

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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