WTI Crude Oil 23.11.2017

WTI Crude Oil 23.11.2017

23 November 2017, 12:09
Dragan Drenjanin

WTI Crude OIL, continuation (F8), NewYork : Indecision reigns

Date of analysis 23 November 17


  • Opinion Short Term Negative
  • Resistance 1 59.99USD
  • Support 1 52.98USD
  • Opinion Mid Term Bullish
  • Support 2 51.58USD
  • Resistance 2 61.4USD

Below 61.4 USD the WTI Crude OIL, continuation (F8), NewYork is evolving toward 52.98 USD over the short term. The clearing of 61.4 USD would invalidate this opinion and open the door for 62.8 USD.

The MACD is positive but lower than its signal line. The dynamic in progress has been interrupted. If the MACD were to turn negative, the price correction could continue. Powerful indicators like the RSI, are not giving us any particular indications in the short term. The Stochastics indicators are not giving any clear signals for the coming days. The volumes traded are more than the average volumes over the last 10 days.

The commodity is positioned to the upside. It is above its 50-day moving average. The position of the 20-day moving average (higher than the 50-day moving average) means that this commodity is reliable in the medium term. The first buy levels are on the supports situated at 52.98 USD, then at 51.58 USD; only the resistances, placed at 59.99 USD, then at 61.4 USD, could contain the prices.
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