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%
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
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