Current trend

Today, the price of WTI crude oil slightly decreased amid negative forecasts for 2019.

Next year, Fitch Solutions rating agency expects the price to fall from USD 75 to USD 69 per barrel. Earlier, market participants received a number of strong signals for a further decline in the instrument. US stocks continue to grow; sanctions against Iran are actually postponed, while Saudi Arabia continues to increase production under pressure from the US administration.  According to media reports, in November, the country produced oil at a record pace of 11.1–11.3 million barrels per day, while the market expected the beginning of a gradual reduction in production by Saudi Arabia.

Today at 23:30 (GMT+2), an API report on US oil reserves is expected to be published. Tomorrow at 17:30 (GMT+2), US Department of Energy will also release its report. On November 30 - December 1, the G20 leaders' summit will take place, at which the largest manufacturers - Russia, the United States, and Saudi Arabia - are planning to discuss the state of the industry.

Support and resistance

On H4 chart, the instrument is traded at a strong resistance level of 50.50. Bollinger Bands are pointing downwards, and the price range has slightly widened indicating the preservation of the current trend. MACD histogram keeps a strong sell signal. Stochastic is preparing to enter the oversold area, so a buy signal can be formed in 1-2 days.

Support levels: 44.75, 46.82, 49.04, 50.50.

Resistance levels: 52.91, 55.13, 57.87, 60.20, 61.57.

Trading tips

Short positions may be opened from the current level with the target at 47.60 and stop loss at 52.30.

Long positions may be opened above 50.30 with the target at 55.00 and stop loss at 48.75.

Implementation period: 1-2 days.

WTI Crude Oil

BuySellSpread
46.1346.0490

Scenario

TimeframeDay's Range
RecommendationsSELL
Entry Point51.44
Take Profit47.60
Stop Loss52.30
Support levels44.75, 46.82, 49.04, 50.50, 52.91, 55.13, 57.87, 60.20, 61.57

Alternative scenario

RecommendationsBUY STOP
Entry Point50.35
Take Profit55.00
Stop Loss48.75
Support levels44.75, 46.82, 49.04, 50.50, 52.91, 55.13, 57.87, 60.20, 61.57
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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