Crude Oil Price Update – Strengthens Over $59.49, Weakens Under $57.58

Based on the early price action and the current price at $58.66, the direction of the November WTI crude oil futures contract the rest of the session on Friday is likely to be determined by trader reaction to the main 50% level at $58.91.
James Hyerczyk
WTI Crude Oil

U.S. West Texas Intermediate crude oil futures are trading slightly higher on Friday, shortly before the regular session opening. The market has been trading sideways the last three session after posting a more than 10% rally on Monday and a 5% drop on Tuesday. Nonetheless, it’s still in a position to post a more than 6% gain for the week on the back of elevated tensions in the Middle East.

At 09:42 GMT, November WTI crude oil futures are trading $58.66, up $0.47 or +0.79%.

The gains this week are the risk premium traders have placed on the market just in case the Saudis can’t repair their oil production facilities in a timely manner.

Daily November WTI Crude Oil

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. A move through $63.89 will signal a resumption of the uptrend. The main trend will change to down on a trade through $53.93.

The minor trend is also up. A trade through $57.58 will change the minor trend to down. This will also shift momentum to the downside.

The major retracement zone is $59.29 to $62.64. Its retracement zone is controlling the longer-term direction of the market.

The main range is $53.93 to $63.89. Its retracement zone at $58.91 to $57.73 is acting like support.

The short-term range is $63.89 to $57.58. Its retracement zone is a potential upside target.

Daily Swing Chart Technical Forecast

Based on the early price action and the current price at $58.66, the direction of the November WTI crude oil futures contract the rest of the session on Friday is likely to be determined by trader reaction to the main 50% level at $58.91.

Bullish Scenario

Taking out and sustaining a rally over $58.91 will indicate the presence of buyers. This should lead to a quick test of the major 50% level at $59.29, followed closely by yesterday’s high at $59.49. This is the trigger point for an acceleration to the upside with the next target zone $60.74 to $61.48.

Bearish Scenario

A sustained move under $58.91 will signal the presence of sellers. This could trigger a break into the short-term Fibonacci level at $57.73, followed by the minor bottom at $57.58. This is the trigger point for an acceleration to the downside with $53.93 the next major downside target.

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
IMPORTANT DISCLAIMERS
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.
RISK DISCLAIMER
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.
FOLLOW US