WTI Crude Daily Update for December 2, 2016

WTI crude oil prices surged higher for a second consecutive trading session, surging more than 4% following Wednesday 9% climb.  OPEC announcement that they were cutting output by 1.2 million barrels per day has put a floor under prices. Resistance on crude oil prices is seen near a downward sloping trend line near 52, and then the October highs at 52.20.  Support is seen near the 10-day moving average at 47.59.

Momentum is positive as the MACD (moving average convergence divergence) index prints in the black with an upward sloping trajectory that points to higher prices for crude oil. The RSI (relative strength index) moved higher with price action reflecting accelerating positive momentum. The current print of 63, is on the upper end of the neutral range.