Crude Oil on 25th August 2017, Crude Oil August futures prices up by (17) pts (0.56%) closed at 3058, trading range between 3041 – 3073. Crude oil for September delivery on the New York Mercantile Exchange settled at $47.87 a barrel. Crude futures traded higher on Friday, even though doubts that Hurricane Harvey could upset refinery activity, reducing demand for crude oil.

Technical Outlook

Short Term Intraday

The 4H intraday chart has formed “Falling wedge pattern” The prices have taken support line at $47.40 (3025), Crude oil prices very crucial place which means heavy density of narrow range, if break below at $47.50 more selling pressure extended towards reach $46.50-$45.50 levels. Resistance can be seen at $48-49(3075) -(3139).

Long-term View:

The daily chart has formed Megaphone chart pattern as the prices failed to hold above resistance line at $50(3200). The current prices of the Crude oil daily chart is just below 100 day moving average at $47.70 (3055) which indicates Neutral market.

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