FxWirePro

WTI crude consolidation pattern appears exhausted at 23.6% fibos

TVC:USOIL   WTI 原油差价合约
173 0 6
Before we begin with this write-up, let’s just have a glance on our previous article on WTI oil             price consolidation around months ago.

Please follow below link:

http://www.econotimes.com/FxWirePro-WTI-crudes-attempts-of-bottoming-out-at-lows-of-2009-dont-jump-into-conclusion-instead-deploy-vertical-spreads-to-hedge-upside-risks-173684

From the last couple of months, the issues of the supply glut in EIA’s inventory check has been prevailing, as a result, the crude bears resumed at the highs of 46.49 levels and the prices tumbled to the current 45.21 levels.

We foresee absolutely no momentum for any buying interests, price losses may drag until a retest of the strong support at 44.98 levels (on 1H charts).

Intraday technicals suggest sell indications as the RSI signaling clear convergence with the dipping prices (currently RSI trending below 38 levels while articulating).

While slow stochastic have also shown %D crossover (currently %D line at 49.5345 & %K line at 28.4916), so overall we still see selling pressures in this commodity at the current stage.

While on monthly charting suggest that the price consolidation pattern ever since the formation of dragonfly doji now seems to have been exhausted at 23.6% Fibonacci levels from the bottoms of 26.08 levels (see monthly chart for the bulls struggle to break out the price levels at 23.6% levels).

That is where the RSI diverge to the previous price rallies which is deemed as weakness in this pair.

Current prices on monthly are struggling to jump above 21EMA and have slid well below SMAs on intraday charts.

Overall, we could foresee weakness in the price stability in the short run, consequently, WTI crude prices for October delivery on the NYME slumped 99 cents, or 2.14%, at $45.31 a barrel. We recommend remaining short in near month futures for targets upto 44.65 levels with strict stop loss of 45.75 levels.
ZH 简体中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 繁體中文
AR العربية
HE עברית
首页 股票筛选器 外汇筛选器 加密货币筛选器 财经日历 如何运作 图表功能 网站规则 版主 网站 & 经纪商解决方案 插件 图表库 功能请求 博客 & 新闻 常见问题 帮助 & 维基 Twitter
概述 个人资料设置 账号和账单 我的支持通知 联系支持 已发表观点 粉丝 正在关注 私人消息 聊天 退出