WTI Crude September contract rose to $96.65 and it is currently retesting 200 Day SMA. If the price action breaks through that level and creates Daily Close above it could be seen as a Bullish development.
Resistances on the upside are located at 200 Day SMA first followed by $97.44 which is 61.8% fib retracement from March highs to July Lows. Additional resistance is located at $100 which is the falling trend line. Indicators like MACD and Stoch are reaching overbought levels indicating possible corrective pull-back to more favourable levels for Long Setup’s. Support on the downside is located at $94.88 followed by $93.30 and $91.98.
Brent Oil September contract traded at $114.41 a barrel on London based ICE Futures Exchange. The European traded Crude Oil premium to West Texas Intermediate was at $17.55.
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