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WTI Crude Oil Technical Analysis - WTI Crude Oil Trading: 2020-04-14
WTI Technical Analysis Summary
Above 30,5
Buy Stop
Below 20,5
Stop Loss
| Indicator | Signal |
| RSI | Buy |
| MACD | Buy |
| MA(200) | Neutral |
| Fractals | Neutral |
| Parabolic SAR | Buy |
| Bollinger Bands | Neutral |
WTI Chart Analysis
WTI Technical Analysis
On the daily timeframe, OIL: D1 formed an upward channel and is correcting upward from the minimum since February 2002. A number of indicators of technical analysis formed signals for the further increase. We do not exclude bullish movement if OIL rises above its last maximum: 30.5. This level can be used as an entry point. The initial stop loss is possible below the Parabolic signal, the last three lower fractals and the minimum since February 2002: 20.5. After opening the pending order, the we move the stop loss following the Bollinger and Parabolic signals to the next fractal minimum. Thus, we change the potential profit / loss ratio in our favor. After the transaction, the most risk-averse traders can switch to a four-hour chart and set a stop loss, moving it in the direction of the trend. If the price overcomes the stop level (20.5) without activating the order (30.5), it is recommended to delete the order: market sustains internal changes not taken into account.
Fundamental Analysis of Commodities - WTI
OPEC + countries agreed to reduce oil production. Will OIL quotes grow?
23 OPEC + member countries, including Russia, agreed to reduce oil production by around 10 million barrels per day (bpd). Other oil producing countries will also join them. Particularly, Brazil and a number of other states have already stated this. The USA and Canada may also participate. Thus, according to the Energy Intelligence Agency, the total volume of world oil production may be reduced by 20 million bpd. The OPEC agreement is expected to remain in force until May 2022. OPEC + will limit oil production from May 1, 2020. The exact dates of other countries' accession are not yet known, but it is expected to happen before the end of June. Let us recall that due to the quarantine amidst the coronavirus pandemic, excess oil in the world market is estimated by various international organizations and banks in the amount of 16 to 30 million bpd.
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