Crude Oil Futures: Door open to extra upside

Pablo Piovano FXStreet

CME Group’s flash data for crude oil future markets noted traders reversed three consecutive daily pullbacks and increased by around 22.4K contracts on Wednesday. In the same direction, volume rose for the third session in a row, this time by almost 186K contracts.

WTI: Further gains likely above the 200-day SMA

Prices of the WTI kept the bullish stance unchanged on Wednesday amidst rising open interest and volume. That said, extra gains look favoured in the very near term and should pick up extra pace once the 200-day SMA at $83.13 is cleared in a convincing fashion.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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