Monday’s Technical Analysis For: WTI Crude Oil
$USO
On Friday, WTI Crude Oil prices declined 0.29% Vs. the USD for the frame ending 21:00GMT, closing at 44.77 giving back its previous session gains.
In the Asian session, at GMT0300, WTI Crude is trading at 45.24, or 1.05% higher from Friday’s close.
WTI Crude Oil is expected to see 1st support at 44.62, a break there could push it to next support at 44.01.
WTI Crude Oil is expected to see 1st resistance at 46.11, a break there could drive it to next resistance at 46.99.
WTI Crude Oil is trading between its 20 Hr and 50 Hr MA’s.
Crude Oil has fallen this year and US gasoline demand softened. WTI Crude Oil could fall to as low as 10 bbl as the Organization of Petroleum Exporting Countries (OPEC) engages in a “Price War” with rival producers, testing who will cut output 1st.
Iran is soon to release 53-M bbl to the market and will be producing up to 1.5-M BPD in 6 months or so.
Long term outlook for both Brent and WTI Crude Oil is due South.
OPEC says it will cut production, and are going to see who can stand lower prices longest, since October of 2014 HeffX-LTN sees that Crude Oil is likely is headed for 20 – 22 bbl in the mid term.
Stay tuned…
HeffX-LTN
Paul Ebeling
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