US West Texas Medium Crude Oil Futures Falling in Season
At 20:19 GMT, the October W crude oil price rose $ 68.66, or $ 1.24, or + 1.84%.
Starting August 12, the market is not only at a high level, but also the biggest weekly gain for more than a year. For the week, WTI increased by more than 10%, the largest weekly gain since June 2020.
To repeat today’s events, the Bureau of Security and Environmental Protection (BSEE) said on Friday that 59% of oil production in the Gulf of Mexico had been shut down due to the current tidal wave reaching key oil fields off the coast of the United States.
Technical analysis of daily swing chart
According to the daily swing, the main trend has slowed, however, it has been higher since the confirmation of the closing price on August 23.
A $ 69.39 trade is reversing the trend. A move of $ 61.74 would reverse the closing price and indicate a rebound.
Short-term range ranges from $ 73.52 to $ 61.74. The market is currently testing the recovery zone from $ 67.63 to $ 69.02.
The main support is the recovery zone at $ 65.51 to $ 63.32. The market is currently trading strong in this zone.
The price action puts the WTI crude oil short-term Fibonacci at $ 69.02 in late October.
Look for the bright tone to continue with a continuation of more than $ 69.02. Pulling the top at $ 69.39 will not only push the trend upwards, but could push the $ 303.52 high on July 30 and the $ 64.77 high on July 6.
The first sign of weakness is the rejection of $ 69.02. If the 50% level at $ 67.63 fails as a support, look for speeds up to $ 65.51.