Crude Oil on 15th September 2017, Crude Oil September futures prices down by (-24) pts (-0.75%) closed at 3191, trading range between 3167 – 3214. Crude oil for November delivery on the New York Mercantile Exchange settled at $ 50.44 a barrel. Oil prices rose higher on Friday, marking their biggest weekly gain since July, despite rising expectations that higher oil demand will reduce excess crude supplies.

According to Opec - production in August fell by 79,000 barrels a day (bpd) to 32.76 million as falling production from Venezuela, Iraq, the UAE and Saudi Arabia offset rising output from Nigeria.

Technical View:

Short term Intraday Opportunity

Intraday one-hour chart has formed “Ascending broadening wedge”. Current prices hold support at 49.80(3191) which indicates neutral momentum. If it does not break below the support line, then above $50 would be a buying opportunity and the next upside rally would be towards $50.50-52(3240-3333). On the other hand, a break below $49.60 would continue the intraday selling pressure towards 49.20(3150).

Medium Term:

The overall crude oil market trend, gives us the impression that the lower highs and lower lows are constantly repeated and is now retested to lower highs which is a Double top and is likely to follow through a bearish pressure at $50.50(3240), A crossover above crucial place at $50.60 (3250) could lead towards $52.50-55(3350-3500).

More Profit In Share Market Using Equity Trading Tips News Missed Call On @ 96444-05056.