WTI Crude Oil: general review

Current trend

For a month and a half, WTI crude oil continues to be traded within a wide ascending channel. The price shows either a rapid increase or an equally rapid decline.  However, the overall trend remains upward amid falling demand for the dollar and rising demand for energy.  Additional support is provided by the extension of OPEC+ agreements on the reduction of oil production.

At the end of the week, there will be data on the labor market and on the number of active drilling rigs that can add dynamics to the price of "black gold".

Support and resistance

In the medium term, one can await a more rapid growth of the instrument to local maxima of 63.50, 65.70. In the long term, the price moves within a narrowing lateral trend, which should end with a transition to an upward or downward trend. There is a high probability of a transition to a long-term upward impulse with the target at 76.70.

Technical indicators on the D1 chart and above confirm the growth forecast: MACD shows growth in the volume of long positions and Bollinger Bands are directed upwards.

Support levels: 57.40, 56.50, 54.75, 54.00, 51.00, 50.00, 47.70.

Resistance levels: 58.80, 60.85, 62.05, 62.70, 63.50, 64.00.

Trading tips

Long positions may be opened from the current level with the target at 63.50 and stop-loss at 55.30.

Scenario

  • Timeframe

    Weekly

  • Recommendation

    BUY

  • Entry Point

    58.30

  • Take Profit

    63.50

  • Stop Loss

    55.30

  • Key Levels

    47.70, 50.00, 51.00, 54.00, 54.75, 56.50, 57.40, 58.80, 60.85, 62.05, 62.70, 63.50, 64.00

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USCrude analysis for today.