As noted on the following Monthly chart, 72.00 (40% Fibonacci retracement level) could be the next major target for WTI Crude Oil.
Price briefly hit the 60.00 level today (Tuesday) and is trading above two levels of major support -- 54.66 (23.6% Fib retracement level) and 48.00 (price and channel centreline support).
As long as price can re-take 60.00 and hold above that level, there's a good chance we may see it climb to its next major resistance level of 72.00.
On a shorter (weekly) timeframe, price will, first, need to hold above 57.41 (200-week moving average) and 55.00 (price support), inasmuch as there is very high volatility below.
In addition, on a Daily timeframe, watch for a bullish crossover to form on the PMO indicator, the recent crossover to hold on the MACD, the RSI to hold above 50.00, and price to remain above the 50-day moving average at 56.02.
Welcome and thank you for visiting!
The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* In answer to this often-asked question, please be advised that I do not post articles from other writers on my site.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.
DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...
UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Tues. Nov. 3 ~ U.S. Presidential Election
* Tues. Nov. 17 @ 8:30 am ET ~ Retail Sales Report & Core Retail Sales Report
* Wed. Nov. 25 @ 2:00 pm ET ~ FOMC Meeting Minutes
* Thurs. Nov. 26 ~ U.S. Markets closed for Thanksgiving Holiday
* Fri. Nov. 27 @ 1:00 pm ET ~ U.S. Markets closed for Thanksgiving Holiday/Black Friday
* Wed. Dec. 2 @ 2:00 pm ET ~ Beige Book Report
* Fri. Dec. 4 @ 8:30 am ET ~ Employment Data
* Thurs. Dec. 10 @ 8:30 am ET ~ MoM & YoY CPI & Core CPI Data
* Wed. Dec. 16 @ 2:00 pm ET ~ FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET ~ Fed Chair Press Conference
* Thurs. Dec. 24 @ 1:00 pm ET ~ U.S. Markets closed for Christmas Holiday
* Fri. Dec. 25 ~ U.S. Markets closed for Christmas Holiday
*** Click here for link to Economic Calendars for all upcoming events