U.S. West Texas Intermediate crude oil futures are inching lower early Monday as traders await the outcome of the latest meeting between OPEC and its allies on November 4 that could lead to an increase in future output targets. Meanwhile, traders are still assessing the potential impact of China’s release of gasoline and diesel reserves.
At 08:25 GMT, December WTI crude oil futures are trading $83.21, down $0.36 or -0.43%.
All eyes are on the November 4 meeting of the Organization of the Petroleum Exporting Countries (OPEC), Russia and their allies, together called OPEC+, with analysts expecting them to stick to a plan to add 400,000 barrels per day of supply in December.
In other news, China said in a rare statement that it had released reserves of the two fuels to increase market supply and support price stability in some regions.
Daily Swing Chart Technical Analysis
The main trend is down according to the daily swing Chart. A trade through $80.58 will signal a resumption of the downtrend. A move through $85.41 will change the main trend to up.
The minor range is $85.41 to $80.58. The market is currently trading on the strong side of its pivot at $83.00.
The second minor range is $78.78 to $85.41. Its pivot at $82.10 is potential support.
A third minor pivot comes in at $79.12.
Daily Swing Chart Technical Forecast
The direction of the December WTI crude oil market on Monday is likely to be determined by trader reaction to $83.00.
Bullish Scenario
A sustained move over $83.00 will indicate the presence of buyers. If this creates enough short-term momentum then look for a possible surge into the main top at $85.41.
Bearish Scenario
A sustained move under $83.00 will signal the presence of sellers. The first downside target is the 50% level at $82.10.
Buyers could come in on the first test of $82.10, but if it fails, sellers could drive the market into the minor bottom at $80.58, followed by a pair of 50% levels at $80.04 and $79.12. The latter is the last potential support before the main bottom at $78.78.
For a look at all of today’s economic events, check out our economic calendar.
This article was originally posted on FX Empire
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