22 August WTI Crude Oil Price Technical Forecast


Later today, the commodity will get influenced by the US official government crude inventories data. Meanwhile, lets take a look at today’s 22 August WTI Crude Oil Price Technical Forecast.

22 August, OctaFX – Following a brief phase of upside consolidation in Asia, WTI (oil futures on NYMEX) caught a fresh bid-wave in Europe and regained ground above the $ 66.50 level.

this is as a result of the European traders reacting positively to a drop in the US crude stockpiles, reflected by the American Petroleum Institute (API) data released late-Tuesday. The US crude stocks fell last week by 5.2 million barrels, more than three times the drop analysts expected, API reported.

Moreover, markets cheered the outlook for tighter global crude supplies on prospects of falling crude exports from Iran, the OPEC’s no.3 oil producer, as the US gears up for additional sanctions on Iran in November, targeting the country’s oil sector.

22 August WTI Crude Oil Price Technical Forecast

WTI bulls broke above the bearish trendline from August 7 (blue) as well as the triangle compression pattern (red). Target 2 is located in the 67.16-67.72 zone. A sustained bear breakout below 66.30 would invalidate the bullish bias.

Crude oil WTI 15-minute chart

Spot rate:       68.89

Relative change: 1.30%

High:          66.98

Low:           65.95

Main Trend:     Bullish

 

Resistance 1:   67.16-67.72 June 14 high-June 26 low

Resistance 2:   67.84 August 14 swing high

Resistance 3:   68.30 supply/demand level

 

Support 1:      66.30-66.53 area, July 18 swing low and June 20 high

Support 2:      65.71, June 22 low

Support 3:      64.60 May 28 low

Support 4:      64.00 figure

Support 5:      63.63 June 11 low

Support 6:      62.40 June 18 low

Disclaimer

This article about 22 August WTI Crude Oil Price Technical Forecast was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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