Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

WTI: Hit 94.92, Stuck In A Trading Range

ByCarol Harmer
Published 11/11/2013, 02:59 AM
Updated 07/09/2023, 06:32 AM

WTI
Friday WTI made a low of 93.90 before trading higher making a high of 94.92 - quite a tight range for oil and we seem to be stuck in a trading range. However this morning we have traded sideways. We have our first support at 94.41, the short term 23.6% fib to the downside. We have support from the short term 23.6% fib at 94.41. This coincides with the 5 day MA at 94.35, below here we have Friday's low as support at 93.90/80. If we test the low our next stop will be the daily downward trend line at 93.07 which is also the low from the 5th of November and where we should see buyers with stops placed below 92.67, the low from the 26th of June. The short term stochastics are getting into overbought territory and the daily’s look as though they are about to dip back down, therefore we look for a small correction to the downside for a buying opportunity.

To the upside, we have our first resistance at Friday's high 94.92, above here we have the short term 38.2% fib high at 95.24. This is where the market seems to be stalling so we really need a clear break to keep us on target to 98.57. Our next level will be the 13 day MA at 95.85, a break here should take us higher to the short term 61.8% fib at 96.58 where we could see some profit taking before trading higher to our target of 98.57. If we do overshoot this level we could see sellers at the 200 day MA 98.69.

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.