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Crude Oil Prices Trend Higher for 3rd Session

Crude Oil Prices Trend Higher for 3rd Session

2017-02-02 14:16:00
Walker England, Forex Trading Instructor
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Talking Points:

Crude oil prices are trading higher for the third consecutive session this week, as traders anticipate an ongoing cut in production from OPEC countries. This move is significant, as news was also relayed yesterday by the U.S. EIA (Energy Information Administration) that U.S. oil production was higher than expected for the month of November.

Technically, despite this week’s rally, crude oil prices have failed to make significant progress for the 2017 trading year. It should be noted that prices are still below the yearly high which currently stands at $55.67. A move beyond this point would suggest that crude oil is trading in an ongoing uptrend, with prices remaining above its 200 day MVA (Simple Moving Average) while putting in a new higher high. Traders looking for a turn in the market should continue to monitor the 10 day EMA (Exponential Moving Average). This line is providing support at $53.52, and a move below this value may suggest a bearish turn in the market for the short term.

Crude Oil Price Daily Chart with Averages

Crude Oil Prices Trend Higher for 3rd Session

(Created Using IG Charts)

Intraday, crude oil prices are testing resistance found at the R1 pivot at a price of $54.40. So far, prices have tested this value but have failed to make any significant gains above this point. If prices continue upward, and breakout to a new daily high above $54.64, traders will next find resistance at the R2 pivot found at $54.93.

In the event of a bearish breakdown, traders will look for the commodity to find support at $53.15 and $52.42. A move to either of these points should be seen as significant. At either of these points, crude oils short term uptrend may be put in jeopardy with prices trading back below the previously mentioned 10 day EMA.

Crude Oil Price 30 Minute Chart with Pivots

Crude Oil Prices Trend Higher for 3rd Session

(Created Using IG Charts)

--- Written by Walker, Analyst for DailyFX.com

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