WTI oil: too much for bulls?
Oil plunged several percent on Thursday. They say, the bullish rally was just too aggressive. Let's trade the dip then!
Update for oil market
The oil traders are awaiting the release of crude oil inventories at 17:30 MT time. According to the forecasts, the number of barrels will advance by 2 million. If the actual level is higher, the oil prices will go down.
- The price for WTI has been trading within a descending channel. At the beginning of the trading day, it has failed to overcome the $54.2 resistance level. If the actual data by the Energy Information Administration shows the lower number of inventories, the price for WTI will break the $54.2 level and target the next resistance at $54.68. In case of an alternative scenario, the price for WTI will slide to the $53.4 level. The next support will be placed at $52.85.
- Brent’s price has fallen towards the support level at $58.75. If the price overcomes this level, the next support will be placed at $58.5. After that, reaching the $58 level seems possible. From the upside, the first resistance level will lie at $59.4. The next resistance will be placed at $59.84.
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