WTI Crude Oil: staying in trend

Current trend

Today, oil quotes continued to decline, and the price of WTI almost reached the lower limit of the ascending channel (62.70).

The main catalyst for the decline was the growth in demand for the oversold US currency. The dollar index in the first days of February grew significantly due to the favorable statistics from the US. This trading week, the price will fluctuate under the influence of trade sentiments due to the lack of key releases in the US.

Support and resistance

Despite the decline in recent weeks, the price remains within the limits of the rising channel, from the lower boundary of which the instrument can resume growth to the levels of 66.55, 67.00, 68.00. On the other hand, if the price consolidates below the support level of 62.70, it will be a sign of trend reversal and the formation of a downward medium-term channel. Technical indicators on the daily chart retain the growth signal: MACD shows a high volume of long positions, the Bollinger bands are still directed upwards.

Support levels: 63.25, 62.70, 61.20, 61.75, 60.00, 59.50, 59.00, 58.30.

Resistance levels: 64.50, 65.75, 66.55, 67.00, 68.00.

Trading tips

Long positions can be opened at the current level with targets of 66.55, 67.00, 68.00 and stop loss at 62.40.

WTI Crude Oil

Buy Sell Spread
63.663 63.584 79

Scenario

Timeframe Weekly
Recommendations BUY
Entry Point 62.97
Take Profit 66.55, 67.00, 68.00
Stop Loss 62.40
Support levels 58.30, 59.00, 59.50, 60.00, 61.75, 61.20, 62.70, 63.25, 64.50, 65.75, 66.55, 67.00, 68.00

WTI Crude Oil: staying in trend

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