WTI Crude OIL, continuation (F8), NewYork : The movement remains bullish
Date of analysis 28 November 17
- Opinion Short Term Positive
- Resistance 1 61.57USD
- Support 1 54.98USD
- Opinion Mid Term Bullish
- Support 2 53.67USD
- Resistance 2 64.2USD
Above 54.98 USD the major trend remains bullish. 61.57 USD and 64.2 USD are in the line of sight. The breaking of 54.98 USD would cancel this anticipation and favor a correction toward 53.67 USD.
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the commodity. We can see that the bullish potential of the RSI has not been exhausted. As for the Stochastics, they are in the overbought area, making a correction likely in the short term. The volumes traded are more than the average volumes over the last 10 days.
MOVEMENTS AND LEVELS
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 54.98 USD, then at 53.67 USD; only the resistances, placed at 61.57 USD, then at 64.2 USD, could contain the prices.