Crude WTI moves inside a triangle formation which lasts from 5 October. Bullish movement that led to the current price situation began on September 28, after the news from OPEC saying it will limit production. This movement has not been corrected, and the information from the OPEC overshoot the existing facts (a significant increase in production in September and the uncertainty of whether Russia will also join the limitation of production).

In case of breaking the top of triangle formation the range of growth will be very limited, because already at the level of $51.50 we have a strong resistance. If the triangle is broken down (and this is currently the main scenario), next support levels are located at: $49.50, $49. If the correction develops – further support can be found at: $47.70, $46.50, $44.50, $43.00.

2016-10-19_analiza_oil_wti_h4 2016-10-19_analiza_oil_wti_h1

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