Crude Oil Trading - Oil Trading Chart WTI
Ahead of the Jackson Hole Symposium, at which the heads of the world’s central banks were cautiously optimistic on the outlook for the global economy, crude oil trading ended last week with a positive feel to the daily oil chart, with oil traders in bullish mood after the long awaited breakout above the technical resistance level at $72 per barrel which had proved such an obstacle in the last few months, the oil market is now looking towards the $75 per barrel this week. How quickly this is achieved will depend on the US Dollar as traders and investors increasingly turn to crude oil (and other commodities) as assets and a hedge against a weakening Dollar. With all three moving averages now providing strong support and with the consolidation in the $68 to $72 per barrel now providing solid support, we should see crude oil trading at the $75 per barrel price point in the short term with a longer term target of $80 per barrel in the medium term. Should we see any reaction lower during oil trading next week then the strong support now in place should provide a significant barrier to any move lower.
The short term bullish, the medium term sideways, the long term bullish.
WTI
Support: 72.65 Resistance : 75,58
Support: 68.73 Resistance : 71.97
Support: 65.14 Resistance : 68.10
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