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Long

WTI crude Dragonfly & break-out of 37.75 signal upside targets

FX:USOIL   Crude Oil (WTI)
412 0 9
Finally, WTI crude oil             prices has been able to show some more strength after the talks between Saudi Arabian and Venezuelan oil             ministers on oil             production freezing.

Technical roundup:

More bullish environment is established on this energy commodity after a break out of a crucial resistance at 37.75 levels (see circled areas on daily chart as to how this level has acted as strong demand/supply zone).

The current prices have jumped well above 7 & 21DMAs to prolong upswing continuation.

Leading oscillators signal bullish momentum .

Buying momentum has been intensifying as it has broken crucial resistances 1st at 34.64 and now at 37.75 levels,

When we considered the intermediate trend of this commodity it has achieved our earlier targets at 38.38 levels and even upto $40, (refer below link for our previous write up).

WTI CL1! buying set up - near month futures longs target $38.38


http://www.econotimes.com/FxWirePro-WTI-CL1!-buying-set-up-stay-long-in-near-month-futures-for-targets-at-$3838-and-$40-173619

In addition to a bullish pattern candle such as dragonfly doji has been traced out at 33.84 on monthly plotting, this has been able to prop up prices effectively after the formation and testing supports at 29.54 levels decisively.

Gravestone Doji appears at bottom, confirmation with next likely bullish candle of big real body, leading oscillators converge upswings for bullish potential.

Hence, we could foresee momentum in ongoing upswings, it is advisable to buy at dips for targets upto 42.23 but next targets at stiff resistance at around 42.91 ahead of this week's inventory check on Wednesday. Crude oil             prices edging up but mixed trade today, after the U.S. rig count rose for the first time since December, renewing worries of a supply glut.
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