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Crude Oil Price Update – Sitting Between Fib Level at $68.54 and 50% Level at $65.45

James Hyerczyk
Updated

In This Article:

U.S. West Texas Intermediate crude oil futures are inching higher early Monday. The market is being underpinned by expectations that sanctions against Iran would tighten supplies. However, the buying is tentative due to fear of heightened volatility in the stock market and concerns about the lingering trade dispute between the United States and China and its potential impact on future demand.

At 02300 GMT, December WTI crude oil is trading $67.75, up $0.15 or +0.22%.

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Daily December WTI Crude Oil

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The main trend turned down last week when sellers took out a pair of main bottoms at $67.74 and $66.50. If the selling pressure continues then the August 16 bottom at $63.48 will become the primary downside target.

The market is not in a position to change the main trend to up but it begins the session inside the window of time for a closing price reversal bottom.

The retracement zone providing the major support is $65.45 to $62.79.

The main range is $63.48 to $76.72. Its retracement zone at $68.54 to $70.10 is the first resistance zone.

The short-term range is $76.72 to $65.74. If the buyers can overcome $70.10 then its retracement zone at $71.23 to $72.53 will become the primary upside target.

Daily Swing Chart Technical Forecast

There is no trigger point for a move in either direction. There is support and resistance, however.

On the upside, the first target level is $68.54. Overcoming this level will indicate the buying is getting stronger. The next target is a 50% level at $70.10.

On the downside, the first target level is $65.45. The daily chart opens up to the downside under this level with a main bottom at $63.48 and a Fibonacci level at $62.79 the next downside targets.

This article was originally posted on FX Empire

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