Technical Analysis and Outlook
The WTI crude oil finished sharply lower on Oct 10, 11 sessions as it consolidates much of the declines off Oct high and completion of Oil Rally $76.20. The lower range close establishes the stage for transforming from bullish to semi-neutral signaling that sideways to somewhat lower prices are likely to occur in near term.
The rebound probability exists to Mean Resistance which has developed at $74.60; along with Key Resistance, $76.20 is well established since Oct 3.
First Mean Support is at $70.10, while the second $68.90, third $67.50, and final Mean support at $66.00. The critical major Key Support $64.90 could in play as well.
The WTI crude oil finished sharply lower on Oct 10, 11 sessions as it consolidates much of the declines off Oct high and completion of Oil Rally $76.20. The lower range close establishes the stage for transforming from bullish to semi-neutral signaling that sideways to somewhat lower prices are likely to occur in near term.
The rebound probability exists to Mean Resistance which has developed at $74.60; along with Key Resistance, $76.20 is well established since Oct 3.
First Mean Support is at $70.10, while the second $68.90, third $67.50, and final Mean support at $66.00. The critical major Key Support $64.90 could in play as well.
Commodity market was mostly bullish on Friday on account of the US Dollar’s drop, with WTI crude oil recouping after Thursday’s selloff. The crude oil contract rebounded back all the way to the $69.51 price per barrel level, as the energy commodity prevented an essential degradation out of its lengthy downslide pattern penetrating Mean Support $68.90.