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WTI Crude - Daily Technical Analysis


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Daily Analysis & Technical Forecast for WTI Crude

While we are experiencing a minor pull-back of sorts heading into OPEC news, I still consider the main trend to be directionally upwards as confirmed by daily and weekly charts. However, only a trade through and over the previous high made in the abbreviated session this past Friday (Nov 25th) at $59.05 will continue the trend upwards. Meanwhile, we are experiencing some decent support in the $57 area and if the sellers continue to seek value below today in the intraday session, we may see us giving up the $57 handle and remain range bound but not too much farther below about $ 56.50. I actually see the true retracement in this move, if it does go there to halt around $54.15 area.

The price, as I write this hovers around $ 57.70 and holding above the $57.55 area will indicate that buyers remain although subdued, in full control and will attempt to drive this price back to around the $ 59 handle.

If traders want to test a lower price and want to push this under $57.55 we will find decent support band between $57~$57.25 followed by very nice support in the $56.50 area. The move down is most likely from profit taking based on the news from last week which drove prices higher in the abbreviated session last Friday. While intraday price action is more value driven and by technical levels, I do believe that we will find very good support in that $0.50 price range between $57~$56.50 for today.

CL-Daily

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Here is a view of key Support & Resistance levels for select futures instruments

C-Levels-11-28-17



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Murali Sarma, Vice President of Business Integrations Inc., is an internationally known commodities analyst, author, trader and business consultant who has demystified commodity trading and introduced numerous futures trading strategies and indicators to traders - professional, non-professional and the novice trader - throughout the world. Murali began his trading career in the pre-dot-com bubble in 1998, electing to seek instruments to trade which had lesser volatility and offered more predictable analysis. From about 1999 to 2002, Murali traded out of the UK and moving to the US after that and working mostly independently with individual traders while learning from some of the best analysts and traders. While not being formally certified as a commodities trader, Murali preferred to hone in on his analysis and trading skills versus adding academically to his credentials. Murali believes that is isn’t about being right or wrong on your calls, it is about making money!

Murali has helped several traders become successful over the last 10+ years of active futures trading and has a strong following of traders who like to seek out opportunities in the futures markets on a daily basis versus following the old “buy & hold” investing adage. While not being opposed to switching hats and becoming an “investor” every so often with swing trades in the equities markets, Murali prefers to trade what he can see on charts using multiple timeframes and handcrafted indicators suited for all types of markets. Murali excels in trading sideways and choppy markets with a scalping style of being in-out of intraday markets when there is no defined trend, and on most other days prefers trading to his own computed target levels during the intraday timeframe, while following the trend.

In recent months, Murali has started a Twitter based alert service for intraday futures traders who like to trade commodities and index futures, and elected to blog post his daily analysis in commodities like WTI Crude & Gold and index future instruments like YM, NQ, ES & RTY. You may contact him via his email at info@tradeguidance.com

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