Commodity
by Lucas Bedwell on October 18th, 2018

WTI Oil Analysis – Further decline

After the FOMC Minutes, USD gained strength and Stocks declined. These are two negative factors for the Oil, so no surprise that the price dropped further. That was expected by our analytical team. Look what we wrote in our previous piece about this instrument:

“Buyers are still relatively safe. The most important line for the long-term sentiment on the Oil is the black long-term up trendline. It is still far, so we have a space for a bearish correction, without threatening the major trend. For now, our outlook remains negative. „

Oil Chart

that was written on the 12th of October and since that many things happened. For example, the price created a pennant (blue) above a major support. Actually two supports, yellow horizontal one and the black dynamic one. Oil broke those two yesterday, which confirmed the sell signal from the previous analysis.

What is the potential target now?

Well, the long-term up trendline, that was mentioned by us in our previous analysis is around the 68 USD/bbl, so that is the price, which is on our mind. The mid-term sentiment on Oil remains bearish.

By Lucas Bedwell

With 3 years of trading experience across Forex, stocks, and cryptocurrencies, Lucas Bedwell has honed his market insights. His close connection to financial markets allows him to craft compelling copy, offering readers valuable perspectives and analyses that reflect his deep understanding of trading dynamics.

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