Wednesday, November 14, 2018

USOIL - 14 November 2018


Fundamental Highlights

WTI Crude oil fell more than 6% during Tuesday's session amid a sharp sell-off. Over-supply concerns and the increase in the production from non-Opec members continue to weigh on the black gold. The price has fallen practically on every single day in November, dropping from its 4-year high in October, a staggering 27% in value. Another factor behind the slide is the continuous increase in strength of the US Dollar.

Technical Analysis

Crude oil prices continue to decline sharply and this time dropping by more than 6% in just one day. The price is currently hovering just above the $55 support level with rare extreme oversold conditions. However, no sign of reversal seems to show up as the price is consolidating at the lows in a very tight range. Today we will be focusing on the $52.04 support level.

Support: 54.99 / 52.04
Resistance: 57.87 / 59.01

Chart (H4)