Crude Oil Prices: Still Poured to Weak Scenario for the WTI Future

Crude Oil Prices: Still Poured to Weak Scenario for the WTI Future
Crude Oil Prices: Still Poured to Weak Scenario for the WTI Future
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The prices of the WTI crude oil futures, quoted in dollars on the Nymex, have been going through a phase of large and repeated trend changes for three days, clearly visible above all on intraday charts, in the range between 86.68 and 82.49.

Values ​​have also moved in this four-dollar area of ​​fluctuation today, without assuming a definite trend.

At 18.31 CET on Thursday, September 22, the Future Light Crude Oil contract expiring in November is traded at $ 83.63, up 0.83% on a daily basis.

Consolidation Under Ex Support

On the daily bar chart we can well deduce which is the essential technical data to be taken into consideration during this phase of the oscillation. Prices have gone below (already in the first days of September) to the “old” support area that transited between 86.25 / 87.05.

Even if the collapse of the level has not been accompanied so far by a consequent downward acceleration, for more than two weeks now the values ​​have been limited to oscillating around the area of ​​the former support and, in the last 5 days, they have begun to consolidate under the same.

It is clear that, with this scenario, the odds are leaning towards a further widening of the weakness over the next 3-5 days at least.

On a 30-minute bar chart, we can more accurately view the swinging price action recorded in the last few days.

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With the highs reached today at 86 dollars, the values ​​had penetrated fully within the area between the short-term resistances, placed at 84.30 / 84.50 and 86.70, an area from which, however, they were rejected.

We expect the resistances to still constitute points of probable retreat even in the event of new recoveries, especially between tonight and tomorrow (Friday 23). Projections point to a major target at 78.75to be reached by passing through a first intermediate target at 81.10.

The bearish scenario in place would be canceled by the eventual break of the second resistance, through a close on the 30-minute chart above 86.70.

The article is in Italian

Tags: Crude Oil Prices Poured Weak Scenario WTI Future

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