WTI Crude Daily Forecast 11 Oct 16

Oil moved higher yesterday being bought just above $49 per barrel as per the support identified in Sunday’s forecast. Russia have confirmed that they will join OPEC members in the deal to cut production, the deal is being finalized on the 30 November 2016, which saw oil prices rally yesterday. Keep an eye on the IEA monthly report being released today on global supply and demand.

Note:
a. Please read Kate’s post on Forex Major Currencies Outlook everyday so you are up to date with the latest news. You can follow Kate here
b. Please be aware of risk events for the day by using the Forex.Today calendar
c. Watch Wayne’s webinar daily at 13:30 SAST or catch the recording on the Forex.Today Youtube Channel

WTI Crude Daily

Price is currently in the monthly Bull target zone (MM4 - MR2), just above $51 per barrel. As mentioned before we do see a lot of sellers above $50 so pay careful attention to any data that could trigger profit taking and/ or selling.

WTI Crude H4

Price was bought at this week's central pivot point yesterday which gives us a target of WR2, coinciding with $53 per barrel. Oil prices have not been at this level since June 2016.