FX.co ★ IgniteTrade | CL/Crude Oil

Crude Oil Market Trend Analysis: WTI has corrected to 92.59 from last week's high of 101.19, suggesting that a reversal momentum is moving north till the resistance - channel 98.29 is called. The slide ended at a 62.5% retracement - level of 101.49 after the 100 - SMA. If the price does not drop further and the low support - level at 99.19 is not broken, a number of negative signs indicate that the price will probably return to the 99.04 level in the early sessions of the next week. A rising trend - line emerges above the 50 - day SMA mid - day trend - line as it decreases gains above it, and the pivot - point for 96.99 on the moving price chart has been identified as a new pivot point because it consolidates gains above the 50 - day SMA mid - day trend line. Therefore, the price would probably drop to 96.99 if the downward pressure is broken below the trend line. Before it reaches the previous lower body level of 96.29, the price will fall to 94.19. Investors are searching for fresh breakout levels to confirm the direction of the price while seeking new confirmations and risk levels within the region of 94.99 - 94.79. The price is now moving away from the 20 - day moving average as it approaches 96.19. Since it shows that the price is deviating from the average — a indication that it is rising — it is a good signal.