OIL – US CRUDE: Range-bound movement befitting its consolidatory overview
Trading at the lows continues to test both IG retail and institutional traders.
The latest in WTI Crude Oil:
The energy commodity’s price movement remains rangebound at the lows, sandwiched between a weakening dollar and worries over global demand, and continuing to test both retail and institutional traders holding heavy long bias at near identical percentage levels.
WTI Crude Oil technical analysis, overview, strategies, and levels
A negative Directional Movement Index (DMI) cross has occurred, but most of its indicators are neutral, and should yesterday’s weekly levels break would entice breakouts instead, especially on any potential supply side shock. Tonight's release from American Petroleum Institute (API) will be closely watched ahead of tomorrow's Energy Information Agency (EIA) estimate. Last week it came in at a sizeable 10.5M surplus, and not that far off EIA’s 9.3M reading.
| Current Technical Overview | Consolidation - Positive Bias |
| Technical Overview Conformist Strategies | Sell 1st Resistance After Reversal, Buy 1st Support At/Before Price |
| Technical Overview Contrarian Strategies | Buy 1st Resistance Upon Breakout From Below, Sell 1st Support Upon Breakout From Above |
| S/L for 2nd Resistance | 56.36 |
| 2nd Resistance | 55.80 |
| S/L for 1st Resistance | 55.24 |
| 1st Resistance | 54.68 |
| Relative Starting Point | 53.57 |
| 1st Support | 52.46 |
| S/L for 1st Support | 51.90 |
| 2nd Support | 51.34 |
| S/L for 2nd Support | 50.78 |
IG client and CoT sentiment for Oil WTI
Oil WTI chart with retail and institutional sentiment
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