the daily chartist

WTI Crude Oil recap for 19;20.10.2015

published 4 years ago
WTI Daily

 Oil is starting the week in negative territory as common supply (oversupply) and demand law comes in-to effect after the Iranian oil landed in to the market after the Nuclear deal was sealed. Price reached its peak at 49.87 as predicted earlier and there the price tumbled down as profit taking occurred and the correction finished its course. 47.34 is now the next top suppressor level as the prise struggled to move above it. Would appear that the next sell-off for Oil has started and the stage is set for the long-term move down towards first: 44.40 and then to 40 and then to 39.51. Another possible scenario is that 44.40 will actually hold (again) but a line too many times tested is yet to be broken... Still as winter sets in Oil consumption will accelerated more there is a possibility for another rise of the price towards 50 and continuation of the range. Everything (again) depends on the 44.40 line.