WTI Crude Oil Daily Analysis – October 17, 2017
Crude oil prices edged higher on Monday as the clash between Iraqi and Kurdish forces began in Kirkuk lifting up worries over supply interruption. WTI crude oil continues to trade higher on Tuesday morning, gained 0.50% to trade at $52.12.
The Iraqi forces entered Kirkuk after weeks of unrest in the region despite tensions that prevail between Baghdad and the Kurdistan Regional Government (KRG).
The crude oil prices were also supported by worries over renewed U.S. sanctions against Iran as on Friday, President Donald Trump refused to certify to Congress that Tehran is complying with the 2015 Iran nuclear agreement.
Technical view
As expected, crude oil prices filled the gap higher yesterday at $52.37, and prices reached the resistance area as mentioned earlier that this would be a crucial place. A break above could lead towards $55.
The 50-day moving average will be the trailing support line at $50.65. It is likely for a range-bound market over the near-term as prices are ready to form Rectangle chart pattern. An early break above the resistance line at $52.45 can signal a bullish momentum. It may take time to break above; meanwhile, crude oil prices could travel between $50 to $52.30 levels.
This article was originally posted on FX Empire
