Forecasts

WTI Crude Daily Update for February 20, 2017

2 months agoByDavid Becker

WTI crude prices are off on Friday but continue to consolidate near the 53 handle. The revelation of record crude and gasoline inventories this week in the U.S., along with continued signs of rising production in North America, have had a capping influence on the market in the face of OPEC-led supply trimming. Crude prices continue the historically usual path of stability, though sooner or later the volatility associated with this market will assuredly return.

Resistance on crude oil is seen near the February highs at 54.33.  Short term support is seen near the 10-day moving average at 53.  Additional target support is seen near the February lows at 51.22.  Momentum is neutral as the MACD (moving average convergence divergence) index prints near the zero index level with a flat trajectory which reflects consolidation.

FX Empire - the company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as link result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate.
FX Empire may receive compensation from the companies featured on the network.

All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. FX Empire bears no responsibility for any trading losses you might incur as link result of using any data within the FX Empire.