Crude Oil Price Update – Reverse Momentum; Strengthens above $ 79.09, weakens below $ 78.57

The future of US West Texas Intermediate crude oil futures is trading slightly better since last Wednesday, 2014. Market-based stimuli are global concerns about the supply of crude, natural gas, and coal markets.

At 05 26 GMT, the December WTI crude oil price rose $ 78.79, or $ 0.22%.

The United States is making a profit, with some indications of a slowdown in oil demand. On Tuesday, the US Petroleum Institute (API) reported that US oil reserves rose by 951,000 barrels a week to October 1.

Daily December WTI Raw Oil

Technical analysis of daily swing chart

According to the daily swing chart, the main trend is rising. The $ 79.09 trade shows the resumption of growth. A move of $ 72.82 will reverse the trend.

Minority ranges from $ 72.82 to $ 79.09. Its 50% stake could be supported by $ 75.96.

Short term range is $ 69.05 to $ 79.09. The improvement zone is a stronger support area from $ 74.07 to $ 72.89.

Technical forecast for daily swing chart

The WTI crude oil futures forecast for Wednesday could be set at $ 78.57 in early trading.

Bulish scene

A move lasting more than $ 78.57 indicates the presence of buyers. Spending $ 72.82 shows that the purchase is getting stronger. If this move moves upwards, consider extending the purchase to a psychological level of $ 80.00, followed by a pair of highs at $ 81.37 and $ 81.71.

Berry scene

Ongoing activity below $ 78.57 indicates sellers. Spending $ 77.17 indicates that sales are on the rise. If this activity generates enough slope speed, look for a sale that could lead to a $ 75.96 first pole test.

With the main trend coming in, buyers could enter the first try for $ 75.96.

Side notes

Check for volatility at 14:30 GMT following the release of the US Energy Information Administration’s (USA) weekly asset report. It is predicted to show 800,000 barrels of paint, but we can see something amazing in the results of the API report.

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