WTI Crude Oil Forecast August 31th 2017
Highlights of Fundamental And Latest News
Crude oil prices were narrowly mixed in Asia on Thursday as sentiment was underpinned regionally by China’s official manufacturing PMI, though the market is now largely driven by the stoppages and damaged caused by Hurricane Harvey along the U.S. Gulf Coast.
Yesterday’s EIA Data could not help CRUDE OIL prices to move higher and price dropped and tested the important support level.
The current price of Crude Oil is 46.10.
45.40 is an important support and we will pay attention to this support. Break below of this support will trigger the downward movement.
Daily ATR is 110 pips. Price is below MA 50 and MA 20 and Daily MA Resistance is 46.95 .
Price can test this resistance and we will use this as a SELL opportunity.
On H4 chart :
Crude Price is testing H4 resistances of both MA 12 AND Fibonacci. Above this level 46.48 and 46.95 are the resistance levels.
Summary : If you do not have any SHORT trade on CRUDE OIL you can leave pending SELL orders to 46.48 and 46.92 with SL 47.70. The first target is 45.40 and second target is 44.50.
Fxters
Highlights of Fundamental And Latest News
Crude oil prices were narrowly mixed in Asia on Thursday as sentiment was underpinned regionally by China’s official manufacturing PMI, though the market is now largely driven by the stoppages and damaged caused by Hurricane Harvey along the U.S. Gulf Coast.
Yesterday’s EIA Data could not help CRUDE OIL prices to move higher and price dropped and tested the important support level.
The current price of Crude Oil is 46.10.
45.40 is an important support and we will pay attention to this support. Break below of this support will trigger the downward movement.
Daily ATR is 110 pips. Price is below MA 50 and MA 20 and Daily MA Resistance is 46.95 .
Price can test this resistance and we will use this as a SELL opportunity.
On H4 chart :
Crude Price is testing H4 resistances of both MA 12 AND Fibonacci. Above this level 46.48 and 46.95 are the resistance levels.
Summary : If you do not have any SHORT trade on CRUDE OIL you can leave pending SELL orders to 46.48 and 46.92 with SL 47.70. The first target is 45.40 and second target is 44.50.
Fxters
