WTI Crude Oil: prices for "black gold" are correcting
Current trend
The price of WTI Crude Oil shows a slight decline during the Asian session and develops a corrective impulse that was formed in the middle of the week and allowed the instrument to fall below the psychological mark of 80 dollars per barrel. The pressure on the position of "black gold" is exerted by the growth of the American currency amid the publication of strong macroeconomic statistics on consumer inflation in the country. Investors hope that the increase in prices will affect the decision of the US Fed on further tightening of monetary policy.
An additional impact on the quotes of the resource was the fact that OPEC+ forecasts for world oil demand were reduced. The cartel announced the expected drop in indicators in the Q4 of this year to 330K barrels per day. According to OPEC, the dynamics are slowing down as energy prices rise, which is holding back the pace of global economic recovery.
On Friday, investors are focused on Baker Hughes report on active oil platforms in the USA. We should recall that previous data recorded an increase in the number of drilling rigs from 444 to 450 units.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is narrowing, pointing to the appearance of multidirectional dynamics of trading in the short term. The MACD indicator is declining, maintaining a relatively strong sell signal (the histogram is below the signal line), Stochastic demonstrates similar dynamics, but quickly approaches its minimum values — this indicates that the instrument is oversold in the nearest time intervals.
Resistance levels: 80.00, 81.24, 82.50, 83.93.
Support levels: 78.90, 78.16, 77.00, 75.68.
The price of WTI Crude Oil shows a slight decline during the Asian session and develops a corrective impulse that was formed in the middle of the week and allowed the instrument to fall below the psychological mark of 80 dollars per barrel. The pressure on the position of "black gold" is exerted by the growth of the American currency amid the publication of strong macroeconomic statistics on consumer inflation in the country. Investors hope that the increase in prices will affect the decision of the US Fed on further tightening of monetary policy.
An additional impact on the quotes of the resource was the fact that OPEC+ forecasts for world oil demand were reduced. The cartel announced the expected drop in indicators in the Q4 of this year to 330K barrels per day. According to OPEC, the dynamics are slowing down as energy prices rise, which is holding back the pace of global economic recovery.
On Friday, investors are focused on Baker Hughes report on active oil platforms in the USA. We should recall that previous data recorded an increase in the number of drilling rigs from 444 to 450 units.
Support and resistance
Bollinger Bands in D1 chart demonstrate a stable decrease. The price range is narrowing, pointing to the appearance of multidirectional dynamics of trading in the short term. The MACD indicator is declining, maintaining a relatively strong sell signal (the histogram is below the signal line), Stochastic demonstrates similar dynamics, but quickly approaches its minimum values — this indicates that the instrument is oversold in the nearest time intervals.
Resistance levels: 80.00, 81.24, 82.50, 83.93.
Support levels: 78.90, 78.16, 77.00, 75.68.
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