WTI Crude Oil: general analysis 05.10.2017
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on the WTI crude oil for a better understanding of the current market situation and more efficient trading.
Current trend
Since the beginning of the week the WTI crude oil price has been falling, and now the instrument is trading around key psychological level of 50$ per barrel. Yesterday the EIA Crude Oil Stocks change report was published, which reflected the decrease of the recourses by 6.023 million barrel. On the other hand, the recourses of Cushing, Oklahoma, which is the largest oil market influence center in the USA, grew from 60.9 to 62.5 million barrel. In addition, the oil production in the USA grew to 9.561 million barrel per day in a week, and the total volume of oil and petroleum products export grew by more than 1 million to the record level of 7.02 million barrel per day.
Taking into consideration the restoration of the US oil production after the hurricanes, support of strong dollar and the growth of the OPEC oil production in the last month, the falling of the oil prices is most possible.
Today the traders should pay attention to the speeches of Fed’s officials Jerome Powell, John Williams, Patrick Harker and Esther George. In addition, tomorrow Baker Hughes US Oil Rig Count data will be published. The possible growth of rig activity in the USA, caused by the significant growth of oil price in September, will make WTI crude oil price to fall further.
Support and resistance
On the daily chart the instrument is consolidating around the strong resistance level of 50.00. Bollinger Bands are reversing sideways, as the price range stays the same, reflecting the development of the current trend. MACD histogram is in the positive zone, keeping buy signal. Stochastic is in the oversold area, its lines are pointed downwards, the signal to enter the market hasn’t been formed.
Resistance levels: 50.40, 50.00, 51.45, 52.80.
Support levels: 50.00, 49.70, 49.35, 48.80, 48.50, 48.15.
Trading tips
Short positions can be opened at the level of 49.90 with the targets at 49.35, 49.00 and stop loss at 50.15. Implementation period: 1–2 days.
Long positions can be opened at the level of 50.45 with the target at 51.40 and stop loss at 49.95. Implementation period: 1–3 days.
Use more opportunities of the NPBFX analytical portal: analytics
You can find more actual analytical reviews on other popular currency pairs, metals and CFDs on the NPBFX online portal. Daily analytics with charts, current market prognoses and trading scenarios in the Feed section are available. Get free and unlimited access to the online portal after registering on the official website of NPBFX Company.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on WTI crude oil and trade efficiently with NPBFX.
http://npbfx.com/
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on the WTI crude oil for a better understanding of the current market situation and more efficient trading.
Current trend
Since the beginning of the week the WTI crude oil price has been falling, and now the instrument is trading around key psychological level of 50$ per barrel. Yesterday the EIA Crude Oil Stocks change report was published, which reflected the decrease of the recourses by 6.023 million barrel. On the other hand, the recourses of Cushing, Oklahoma, which is the largest oil market influence center in the USA, grew from 60.9 to 62.5 million barrel. In addition, the oil production in the USA grew to 9.561 million barrel per day in a week, and the total volume of oil and petroleum products export grew by more than 1 million to the record level of 7.02 million barrel per day.
Taking into consideration the restoration of the US oil production after the hurricanes, support of strong dollar and the growth of the OPEC oil production in the last month, the falling of the oil prices is most possible.
Today the traders should pay attention to the speeches of Fed’s officials Jerome Powell, John Williams, Patrick Harker and Esther George. In addition, tomorrow Baker Hughes US Oil Rig Count data will be published. The possible growth of rig activity in the USA, caused by the significant growth of oil price in September, will make WTI crude oil price to fall further.
Support and resistance
On the daily chart the instrument is consolidating around the strong resistance level of 50.00. Bollinger Bands are reversing sideways, as the price range stays the same, reflecting the development of the current trend. MACD histogram is in the positive zone, keeping buy signal. Stochastic is in the oversold area, its lines are pointed downwards, the signal to enter the market hasn’t been formed.
Resistance levels: 50.40, 50.00, 51.45, 52.80.
Support levels: 50.00, 49.70, 49.35, 48.80, 48.50, 48.15.
Trading tips
Short positions can be opened at the level of 49.90 with the targets at 49.35, 49.00 and stop loss at 50.15. Implementation period: 1–2 days.
Long positions can be opened at the level of 50.45 with the target at 51.40 and stop loss at 49.95. Implementation period: 1–3 days.
Use more opportunities of the NPBFX analytical portal: analytics
You can find more actual analytical reviews on other popular currency pairs, metals and CFDs on the NPBFX online portal. Daily analytics with charts, current market prognoses and trading scenarios in the Feed section are available. Get free and unlimited access to the online portal after registering on the official website of NPBFX Company.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on WTI crude oil and trade efficiently with NPBFX.
http://npbfx.com/
Comment