WTI Crude Daily Update for October 21, 2016

Published: Oct 21, 2016, 05:16 UTC1min read
Technical Analysis of Crude Oil for October 21, 2016 – Inventory Report Friday
WTI crude oil prices dropped approximately 2% on Thursday giving back nearly all of Wednesday’s gains in the wake of the larger than expected draw reported by both the EIA and API on Wednesday.  Prices settled off their lows, after testing the 52 level on Wednesday.  Support is seen near
Most Popular

WTI crude oil prices dropped approximately 2% on Thursday giving back nearly all of Wednesday’s gains in the wake of the larger than expected draw reported by both the EIA and API on Wednesday.  Prices settled off their lows, after testing the 52 level on Wednesday.  Support is seen near the 10-day moving average at 49.55, while resistance is seen near Wednesday’s highs at 52.22.

Momentum is flat as the MACD (moving average convergence divergence) index prints near the zero index level with a flat trajectory which reflects consolidation. The RSI (relative strength index) is reflecting divergence.  As prices hit a fresh high, momentum did not.  This is a reflection of decelerating positive momentum, and could foreshadow a correction in price action.

Advertisement
Know where WTI Crude Oil is headed? Take advantage now with

Your capital is at risk

Don't miss a thing! Sign up for a daily update delivered to your inbox

Latest Articles

See All