Crude Oil Forecast: Technical Range Continues
- Crude Oil Prices Range for 5th Consecutive Session
- Daily Support for Crude Oil Prices is Found at $46.50
- Get the latest analysis on Gold prices with our Q3 Crude Oil Trading Guide.
Crude Oil prices are now set to range for the 5th consecutive trading session, as the commodity fails to breakout to new daily highs or lows. Support for the price of Crude falls near $46.50, while resistance is found under $48.43. This range is ultimate a part of a broader consolidating pattern, with Crude Oil Prices failing to make significant highs since August’s peak price of $48.96
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Crude Oil Price (Ticker: USOil) Daily Chart
Traders watching intraday values of support and resistance should note that Crude Oil is currently trading near today’s S3 pivot at $46.93. If the price of Crude drops below this point it opens the commodity up to test the S4 pivot at $46.51. In this scenario, prices would be breaking the bottom of the previously mentioned trading range and would suggest further weakness for Crude Oil. If prices remains supported, this opens Crude Oil prices to rebound back towards values of resistance. For today that includes the R3 pivot at $47.76, and the R4 pivot at $48.20.
Crude Oil Price (Ticker: USOil) 30 Minute
Chart prepared by Walker England
The ratio of long to short positions for Crude Oil (Ticker: USOil) stands at -1.54. This SSI (speculative sentiment index) reading shows that 61% of positioning is currently short the market. Typically, a negative reading in SSI suggests that Crude Oil prices may trade higher. If prices do breakout lower, it would be expected SSI to neutralize and then flip to a positive value.
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