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> Technical Analysis 2017.08.30 - WTI Crude Oil
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Technical Analysis 2017.08.30 - WTI Crude Oil

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Current trend
We have seen Oil prices dropping the last three trading sessions. Yesterday WTI experienced a slip of 0.98% falling 46.50. As a result of multiple refineries in Texas completely ceasing production (due to Hurricane Harvey) a decline in demand and of course a drop in the price of crude was observed. This affect was so profound that Stateside production went down by 15% or 2.5 mln barrels causing a relatively unexpected rise of oil reserves around the country.

The US Department of Energy report on oil reserve changes will be highly anticipated data today – if the pace of reserve depletion slows or there is growth – then WTI might experience pressure again.

Support and resistance
At this point technical indicators are showing that the downward trend has significant inertia. Bollinger Bands have a downwards vector. The MACD is showing growth within the negative zone showing that sellers' are holding their influence on the commodity.

WTI Support levels: 46.00, 45.00, 44.00.
WTI Resistance levels: 47.08, 47.90, 48.85.

This article comprises the personal view and opinion of the STO Investment Research Desk and at no time should be construed as Investment Advice.

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Source: https://www.stofs.com/en/newsroom/entry/TECHNICAL/technical-analysis-20170830-wti-crude-oil/?camp=24219
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