Despite the drop in price, the number of active oil and gas rigs in US still increased by 11 this week - making it 21 weeks of consecutive gains - the longest growth streak since at least 1987, which is the earliest date that Baker Hughes data is available.
More news, U.S. Rig Count Continues Its Ascent Unabated
Daily chart of West Texas Intermediate (WTI) Crude Oil.
In the previous post on WTI Crude Oil, it raised a question whether the present trend formation (price decline) send the oil price to much lower level around $39 to $42 range.
It all depends on the following support levels identified from the daily chart shown above , able to halt the price decline.
1) Immediate support zone is between $43.76 and $45.51.
2) Trendline (drawn on the chart above).
3) S-Trader Trend Tracker Support level (Weekly Chart as shown below).
Support = $44.81
Weekly Chart.
Based on the weekly chart, if the price dropped and closed below the Trend Tracker Support level ($44.81) with relatively high or very high volume traded - it signals potential bearish trend for the mid-term period.
Additional Info:
S-Trader Trend Tracker support levels (Daily chart)
Resistance1 = $51.64
Resistance2 = $49.46
S-Trader Trend Tracker support levels (Weekly chart)
Resistance = $54.19
Support = $44.81
Note : S-Trader indicators/tools is not part of Metastock software package. It is our proprietary system/tools. If you have any further inquiries, please feel free to Contact Us.
Source :
1) Metastock
2) www.oilprice.com
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