Advertisement
Advertisement

WTI Crude Oil Daily Analysis – November 20, 2017

By:
R Ponmudi
Updated: Nov 20, 2017, 09:20 UTC

WTI Crude Oil trades slightly lower on Monday morning as traders hesitate to take on big new positions due to uncertainty in the markets ahead of OPEC

WTI Crude Oil Daily Analysis – November 20, 2017

WTI Crude Oil trades slightly lower on Monday morning as traders hesitate to take on big new positions due to uncertainty in the markets ahead of OPEC meeting at the end of the month. WTI crude oil is trading at $56.58, down -0.21%.

The output has been limited by the Organization of the Petroleum Exporting Countries (OPEC), together with a group of non-OPEC producers led by Russia right from the start of this year.

The deal to control the output is due to expire in March 2018, but OPEC will meet on Nov. 30 to discuss the next steps.

Technical view

Crude oil 4H chart has formed a “Rising wedge” pattern and the last session has been successfully bullish by retesting the channel’s support line. Hence the market seems to continue the rally with a bullish momentum.

WTI Crude Oil 4H Chart
WTI Crude Oil 4H Chart

The upside rally might extend up to $57.50 where a key resistance level is holding in accord with the interim line. Long-term Support holds at $55.

About the Author

R Ponmudicontributor

Did you find this article useful?

Advertisement