WTI Crude Oil Daily Analysis – October 9, 2017
After crude oil prices finished sharply lower on Friday, the ‘black gold’ rises on Monday morning on investors’ expectations that Saudi Arabia would pin down its production and as the new oil rigs in the U.S fell.
With concerns of overproduction, oil prices dropped by around 2% on Friday, with WTI tumbling back below $50 per barrel. On Monday morning, WTI crude oil is trading at $49.30 as of 7:30 GMT.
Technical Outlook
Crude oil 4h chart indicates towards $47-$49 level after prices broke the strong Support neckline at $50.
This could be the right time to hold a short position. The downward pressure is likely to weigh upon the market as it is a head and shoulder reversal pattern driven market.
This article was originally posted on FX Empire
More From FXEMPIRE:
Possible New Bitcoin Rally Once the €4,000 Resistance is Shattered
US Unemployment at Lowest Level Since 200, US Dollar Remain Stable
USD/JPY Fundamental Daily Forecast – North Korea an Issue, but Bank Holidays Could Limit Movement
Price of Gold Fundamental Daily Forecast – Prices Spike Higher on North Korean Concerns