WTI crude reclaims 3-1/2 months highs owing to inventory dips

TVC:USOIL   WTI 原油差價合約
176 0
From last three consecutive weeks WTI crude price gains have been consistent and leading indicators are in line with these gains.

We reckon this bullish impact is the resultant forces of recent inventory check by EIA             , crude futures for November delivery tested the $50 resistance level Wednesday, October 5, 2016, reaching 49.97 as the EIA             report showed crude inventory declining.

The crude oil             inventories declined 2.976 million barrels which is lower than the expected build of 1.5 million barrels and confirming the larger API report’s drawdown (drawdown of 7.6 million barrels) from Tuesday.

The current price jump well above DMAs, while MACD has remained in bullish territory.

But we see stiff resistance at 50 levels where it has rejected at the same juncture in the recent past.

Further spikes seem to be most likely upon break-out above 50 levels.

On a broader perspective, it has been the 3rd consecutive month that the prices have consistently been gaining, amid this bullish journey the current price on this timeframe have jumped above 7EMA and broken 23.6% Fibonacci levels.

The sustenance above 23.6% fibos and 21EMAs could be deemed as the ongoing consolidation phase to transform into reversal pattern.

The current prices have jumped well above 7 & 21DMAs to prolong upswing continuation.

The Leading oscillators signal bullish momentum.

Buying momentum has been intensifying as both stochastic and RSI evidencing positive convergence with rising prices above 49 levels.

Finally, the more bullish environment would be established in this energy commodity upon a break out of a crucial resistance at 50 levels.

Hence, it is advisable to stay long in mid-month futures at dips for targets up to 52.50 levels with a   strict stop loss at 46.4667 levels, thereby, the trade is likely to fetch you the handsome risk reward ratio.
ZH 繁體中文
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
AR العربية
HE עברית
首頁 股票篩選器 外匯篩選器 加密貨幣篩選器 全球財經日曆 如何運作 圖表功能 網站規則 版主 網站 & 經紀商解決方案 小工具 圖表庫 功能請求 部落格 & 新聞 常見問題 幫助 & 維基 推特
個人資料 個人資料設定 帳戶和帳單 我的客服工單 聯絡客服 發表的想法 粉絲 正在關注 私人訊息 在線聊天 登出