Crude Oil Price Update – Strengthens Over $53.49, Weakens Under $53.29

Based on the early price action and the current price at $53.35, the direction of the November WTI crude oil futures contract the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at $53.49.
James Hyerczyk
WTI Crude Oil

U.S. West Texas Intermediate crude oil futures are trading higher at the mid-session on Thursday on positive comments from OPEC and an encouraging development regarding U.S.-China trade relations.

Crude oil firmed early in the session after OPEC indicated that all options were on the table to balance oil markets and that it would take a decision in December on supply for next year.

The market was further supported after President Donald Trump said he will meet with Chinese Vice Premier Liu He on Friday, raising hope the two countries could make progress on the trade front.

At 16:18 GMT, November WTI crude oil is trading $53.35, up $0.76 or +1.48%.

Daily November WTI Crude Oil

Daily Technical Analysis

The main trend is down according to the daily swing chart. A trade through $50.99 will signal a resumption of the downtrend. A more through $54.06 will indicate the buying is getting stronger. A trade through $63.89 will change the main trend to up.

The minor trend is also down. A trade through $53.74 will change the minor trend to up. A move through $54.06 will reaffirm the minor trend.

The first upside target is a retracement zone at $55.60 to $57.19.

Daily Technical Forecast

Based on the early price action and the current price at $53.35, the direction of the November WTI crude oil futures contract the rest of the session on Thursday is likely to be determined by trader reaction to the uptrending Gann angle at $53.49.

Bullish Scenario

A sustained move over $53.49 will indicate the presence of buyers. The next targets are the minor tops at $53.74 and $54.06. These are followed by a downtrending Gann angle at $54.89.

Bearish Scenario

A sustained move under $53.49 will signal the presence of sellers. The long-term uptrending Gann angle at $53.29 is a potential trigger point for an acceleration to the downside with the first target angle coming in at $52.24. This is followed by another uptrending Gann angle at $51.62. This is the last potential support angle before the $50.99 and $50.48 main bottoms.

Don't miss a thing!

Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Latest Articles

See All

Expand Your Knowledge

See All
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.