Crude Oil Price News and Forecast: WTI sliding faster than you can blink


Crude Oil (WTI): Key resistance at 56.60.

Oil

Pivot (invalidation): 56.60

Our preference
Short positions below 56.60 with targets at 55.65 & 55.00 in extension.

Alternative scenario
Above 56.60 look for further upside with 57.20 & 57.65 as targets.

Comment
As Long as 56.60 is resistance, look for choppy price action with a bearish bias.

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Oil sliding faster than you can blink

Crude oil futures declined sharply on Friday. The steep slide’s result was a breakdown below the lower border of the rising green trend channel. As the prices closed the day below the formation, it’s clearly a bearish development.

Despite this setback, the bulls opened the week with a green gap, which has triggered modest improvement in the following hours. The bulls are fighting to invalidate the earlier breakdown below the green trend channel, and have reached the lower border of the blue consolidation on intraday basis. Prices have pulled back since though, and are currently trading at around $56.00. Read more...

Oil

WTI on a steady recovery above $ 56, API data eyed

WTI (oil futures on NYMEX) picks up fresh bids over the last hour, extending its steady recovery mode from just under the 56 handle, despite the mixed sentiment seen in Tuesday’s European session so far.  

The black gold is heading back to test Monday’s high of 56.65, as the bulls continue to derive support from increased expectations that the OPEC and its allies (OPEC+) will extend the output cut policy well into the next year when they meet this Friday in Vienna.

Further, the same belief is endorsed by the US banking giant Goldman Sachs, as it says that “we believe the global oil supply-demand balance requires an extension of the current OPEC+ cuts.” The hopes of further supply cuts help keep the downside cushioned in the barrel of WTI. Read more...

WTI

Overview
Today last price 56.43
Today Daily Change 0.38
Today Daily Change % 0.68
Today daily open 56.05
 
Trends
Daily SMA20 57.24
Daily SMA50 55.67
Daily SMA100 55.84
Daily SMA200 57.64
 
Levels
Previous Daily High 56.73
Previous Daily Low 55.59
Previous Weekly High 58.72
Previous Weekly Low 55.07
Previous Monthly High 58.76
Previous Monthly Low 54.12
Daily Fibonacci 38.2% 56.29
Daily Fibonacci 61.8% 56.03
Daily Pivot Point S1 55.52
Daily Pivot Point S2 54.98
Daily Pivot Point S3 54.38
Daily Pivot Point R1 56.66
Daily Pivot Point R2 57.26
Daily Pivot Point R3 57.8

 

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