WTI CRUDE
Crude oil prices jumped to their highest levels since early January, with WTI futures printing $55.00 a barrel, to close around 54.53. Oil prices jumped after the OPEC reaffirmed its commitment to keep output cuts, and even do better than the 92% compliance achieved on January. US stockpiles reports will suffer a delay, with API reporting on Wednesday and the EIA on Thursday after the US holiday on Monday. The daily chart for the commodity shows that the price is firmly above an anyway horizontal 20 DMA, whilst the Momentum indicator holds flat around its 100 level, as WTI settled at the higher end of its latest range. The RSI indicator gained upward strength, currently around 58, enough at least to limit the downside this Wednesday. In the 4 hours chart, the price is well above a bullish 20 SMA, whilst technical indicators have retreated modestly within positive territory.
Support levels: 49.60 52.35, 53.85
Resistance levels: 54.48, 55.70 56.30
Crude oil prices jumped to their highest levels since early January, with WTI futures printing $55.00 a barrel, to close around 54.53. Oil prices jumped after the OPEC reaffirmed its commitment to keep output cuts, and even do better than the 92% compliance achieved on January. US stockpiles reports will suffer a delay, with API reporting on Wednesday and the EIA on Thursday after the US holiday on Monday. The daily chart for the commodity shows that the price is firmly above an anyway horizontal 20 DMA, whilst the Momentum indicator holds flat around its 100 level, as WTI settled at the higher end of its latest range. The RSI indicator gained upward strength, currently around 58, enough at least to limit the downside this Wednesday. In the 4 hours chart, the price is well above a bullish 20 SMA, whilst technical indicators have retreated modestly within positive territory.
Support levels: 49.60 52.35, 53.85
Resistance levels: 54.48, 55.70 56.30
CRUDE OIL STILL TRY TO FIND THEIR TREND. WAIT FOR MORE CONFIRMATION.
SELL OR BUY