WTI Crude touches 42.70 on Tuesday 27th of October 2015
With the rates of crude fluctuating from 42.70 – 43.20 $, traders across the entire globe are anxious and finding ways to predict the new sentiments of the market. Traders are constantly monitoring the mood of the market which was in control and support in last couple of months. With breaking of support levels in the latest trading sessions, it can be clearly seen that price of crude oil is heading towards Augusts’ low. According to both Stochastic and MACD there is no hope of any easing in the market and crude is falling down the graph.
Fake or Not?
It is interesting to note that this breaking of support system has lead to immediate reversal in the crude price. Exact situation of the support system can be estimated in the upcoming trading sessions. Only then the investors all over the globe can find out whether it is a fake break out or we are heading toward all time low in crude prices.
Another interesting development in global trade of the crude is the price fluctuation in crude is offering paradox to itself. The price which was once considered to be the support is now seen as offering resistance. This is definitely creating an optimistic wave in the trading community but nothing can be said for sure till we see the behavior of crude oil in upcoming week. Traders all over the world have crossed their fingers for the positive response from crude oil.
What is to Come
For the time being daily close of the crude oil is suggesting that crude oil price can take any turn. There is equivalent chance of dipping in the price. If the crude oil dips in the trading session of the upcoming week the WTI may see lowest crude oil price in six years after drastic drop in August.
