Afternoon, traders. The Nikkei and Gold analysis went really well and certainly, you must be excited about new updates! Let's have some insights on the WTI Crude Oil.
At the movement, the WTI Crude oil is trading at 53.84, adding +0.01 points and +0.02% in the late European trading session. The WTI soared earlier to place a high of $54.54 on the ongoing tensions between the Iran and U.S. Nevertheless. The gains were short-lived. The U.S. inflicted further sanctions on Iranian companies in rejoinder to ballistic missile testing by Tehran.
Besides that, the Oil is also supported as the OPEC (Organization of Petroleum Exporting Countries) and non-OPEC producers have accepted to cut production by 1.8 million barrels a day particularly in the first half of the year 2017.
Looking at the technical side of a commodity, the Crude oil is having a choppy trading session as its trading in a narrow range of $54.50 – $53.95, making easy profits for the traders.
We can identify a major support in the WTI at $53.98 and a resistance at $54.45. At the moment, the crude oil is trading lower at $54.04, right above a triple top resistance level. The investors are suggested to have sell positions below $54.25, have placed a stop loss above $58.58, aiming at a target of $53.85.
Well, as we know, money management is key to success in the Forex world, so follow it in every trade.