Published On: Tue, Feb 28th, 2017

WTI Crude Oil: general analysis

InstaForex

Current trend

Yesterday during the trading session the WTI Crude Oil prices’ dynamics was mixed. The price has tested the maximum in the level of 54.67 and then was corrected downwards. The oil prices quite stable stays on the high level due to the OPEC world oil production limitation. The high level of the oil resources in the USA statistics and the increase of the oil rigs number in the USA keeps the oil price from growing. Today the API Weekly Crude Oil Stock data is to be published. The growth of the resources can pressure the oil prices in the short term. The EIA Crude Oil Stocks change data will be published tomorrow.

Technical indicators reflects the lowering of the trade activity and the sideways movement of the price. The Bollinger Bands indicator is pointed sideways. The MACD histogram is moving along the zero line.

Support and resistance

Support levels: 53.89, 53.09, 52.04.

Resistance levels: 54.67, 55.70, 56.00.

Trading scenario

Open short positions below the level of 53.89 with the target at 53.09 and stop loss at 54.15.

Open long positions above the level of 54.67 with the nearest target at 55.70 and stop loss at 54.35.

Forex Analysis

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