WTI crude oil has been trading range bound in the broader range of 36.00-41.50 since September first week, currently it is trading near the upper end of this range. Crude oil has shown complete lack of trend in either direction, flat slope of the 20-day SMA supports the above observation of sideways trend. On the weekly charts as well there is no clear direction in the immediate term; hence one could take advantage of the range while sustains above 36.00 & below 41.50. In the near term we could see crude oil correcting towards 40.25 & 39.50 in the near term, while it sustains below 41.50.
Technical Analysis Team
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