James Hyerczyk
Add to Bookmarks
Crude Oil
Crude Oil

U.S. West Texas Intermediate Crude Oil futures are trading slightly lower shortly before the regular session opening and the U.S. Energy Information Administration’s (EIA) weekly inventories report at 1430 GMT. Traders are looking for a 2.7 million barrel draw down.

At 1144 GMT, November WTI Crude Oil is trading $69.57, down $0.02 or -0.03%.

Know where WTI Crude Oil is headed? Take advantage now with 

Trading Derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved, and seek independent advice if necessary. A Product Disclosure Statement (PDS) can be obtained either from this website or on request from our offices and should be considered before entering into a transaction with us. Raw Spread accounts offer spreads from 0.0 pips with a commission charge of USD $3.50 per 100k traded. Standard account offer spreads from 1 pips with no additional commission charges. Spreads on CFD indices start at 0.4 points. The information on this site is not directed at residents in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

Daily November WTI Crude Oil

Daily Technical Analysis

The main trend is up according to the daily swing chart. A trade through $70.89 will signal a resumption of the uptrend. The main trend will change to down on a trade through $66.67.

The minor trend is also up. A trade through $67.69 will change the minor trend to down. This will also shift momentum to the downside.

The short-term range is $66.67 to $70.89. Its retracement zone at $69.71 to $69.34 is controlling the near-term direction of the market. Crude oil is currently sitting inside this zone. Also inside this zone is a pair of Gann angles at $69.45 and $69.64.


Daily Technical Forecast

Based on the current price at $69.58, the direction of the November WTI Crude Oil market is likely to be determined by trader reaction to $69.71 and $69.34.

A sustained move over $69.34 will indicate the presence of buyers. If this move creates enough upside momentum then look for the rally to extend into a downtrending Gann angle at $70.27. Look for a technical bounce on the first test of this Gann angle.

Taking out $70.27 could trigger an acceleration to the upside with the next target angle coming in at $70.58. This is the last potential resistance angle before the $70.89 main top.

A sustained move under $69.34 will signal the presence of sellers. This could trigger an acceleration to the downside with the first target angle coming in at $68.67.

Look for heightened volatility following the release of the EIA inventories report.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker