Since my last analysis, on the movement of WTI Crude Oil futures, I find that WTI has been sustaining inside the ‘Bullish Consolidation,” which looks too supportive for the bulls. No doubt that WTI futures are maintaining at the lower edge of this zone before the announcement of Crude inventories, which may enhance the volatility in the energy sector. Still, I think the bulls will try to provide a good thrust to crude oil above $56 on growing volatility after the inventory announcement. Despite the growing quantum of volatility, I think that oil futures may turn toward higher trading zones ($56 - $66) with the announcement of more withdrawal this time.
Let’s have a look at the expected trading zones of WTI Crude Oil for December 6th - 7th, 2018 in the following charts.
Disclaimer: This analysis is only for educational purpose. Readers are requested to kindly consider their own view first, before taking any position.