US session trade setup - WTI crude oil set for retracement!

EagleFX Team EagleFX

The WTI crude oil prices rose because of the price war between Saudi Arabia, and Russia seems to finish very soon. The expectation that the world's largest oil producers would agree to cut production at a meeting later in the day also supporting oil prices.

Currently, the WTI crude oil prices are trading at 26.42 and consolidate in the range between the 25.62 - 26.66. The U.S. West Texas Intermediate (WTI) crude is up 5% to trade at $26.36 a barrel, after earlier climbing by as much as 6.1%.

Overnight, Russia said it was ready to reduce output by around 1.6 million barrels daily, or 15%. The announcement caused WTI futures prices to rise by almost 12% as the session closed. The OPEC (Organization of the Petroleum Exporting Countries) and allies, including Russia - a group is known as OPEC+ - are set to assemble through video conference meetings on Thursday.

Support	Pivot Point	Resistance
26.76	28.56	32.07
23.25		33.87
17.95		39.17

Technically, the WTI prices are trading at 26.32, above a next support level of 25.20. As we can see in the 4-hour timeframe, the WTI prices have also exhibited a bullish crossover above 50 periods EMA which may drive buying trend until the next resistance level of 28.90. The RSI is also in support of bullish bias.

WTI Crude Oil - Trade Setup

Buy Limit: 25.66

Take Profit: 28.90

Stop Loss: 25

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Author

EagleFX Team

EagleFX

EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and

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