WTI Crude Oil: general review
12 September 2017, 14:48
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 48.40 |
| Take Profit | 46.90, 45.30 |
| Stop Loss | 48.80 |
| Key Levels | 45.30, 46.90, 48.43, 50.00, 51.55, 53.10 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 49.10 |
| Take Profit | 50.00, 51.56 |
| Stop Loss | 49.60 |
| Key Levels | 45.30, 46.90, 48.43, 50.00, 51.55, 53.10 |
Current trend
Today WTI quotes continued to grow and are now trading around 48.55. The price is growing due to the investors' concerns about interruptions in petrochemicals and fuel supply due to Irma storm.
Changes in the work of infrastructure may lead to the growth of oil and petrochemicals reserves in the USA. Therefore the market is waiting for the evening API report. If the outlooks prove to be true, it may lead to reversal and continuation of the price's fall. It should be mentioned that despite its destructive force Irma storm seems to have caused less damage to the US oil production and processing industry that Harvey storm that hit Texas, as this state has much higher concentration of refineries than Florida.
Support and resistance
Technically the price is around 48.43 (Fibo correction 50.0%, Murrey level [7/8]). If the price consolidates above this level, growth may continue to 50.00 (Fibo correction 61.8%, Murrey level [8/8]) and 51.55 (Fibo correction 76.4%, Murrey level [+1/8]). Otherwise the price is likely to return to 46.90 (Fibo correction 38.2%, Murrey level [6/8]) and 45.30 (Fibo correction 23.6%, Murrey level [5/8]).
Support levels: 48.43, 46.90, 45.30.
Resistance levels: 50.00, 51.55, 53.10.
Trading tips
In the current situation short positions should be opened above the level of 48.43 with targets at 46.90, 45.30 and stop-loss at 48.80. Long positions may be opened above the level of 49.00 with targets at 50.00, 51.56 and stop-loss at 49.60.
Today WTI quotes continued to grow and are now trading around 48.55. The price is growing due to the investors' concerns about interruptions in petrochemicals and fuel supply due to Irma storm.
Changes in the work of infrastructure may lead to the growth of oil and petrochemicals reserves in the USA. Therefore the market is waiting for the evening API report. If the outlooks prove to be true, it may lead to reversal and continuation of the price's fall. It should be mentioned that despite its destructive force Irma storm seems to have caused less damage to the US oil production and processing industry that Harvey storm that hit Texas, as this state has much higher concentration of refineries than Florida.
Support and resistance
Technically the price is around 48.43 (Fibo correction 50.0%, Murrey level [7/8]). If the price consolidates above this level, growth may continue to 50.00 (Fibo correction 61.8%, Murrey level [8/8]) and 51.55 (Fibo correction 76.4%, Murrey level [+1/8]). Otherwise the price is likely to return to 46.90 (Fibo correction 38.2%, Murrey level [6/8]) and 45.30 (Fibo correction 23.6%, Murrey level [5/8]).
Support levels: 48.43, 46.90, 45.30.
Resistance levels: 50.00, 51.55, 53.10.
Trading tips
In the current situation short positions should be opened above the level of 48.43 with targets at 46.90, 45.30 and stop-loss at 48.80. Long positions may be opened above the level of 49.00 with targets at 50.00, 51.56 and stop-loss at 49.60.
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