- – Crude oil price gained pace from the $45.80 low against the US Dollar and moved higher.
- – There is a crucial bullish trend line with support at $44.55 forming on the hourly chart.
- – Recently in the US, Baker Hughes reported Rig Counts (Sep 1, 2017).
- – According to the report, the Baker Hughes Oil-rig count was unchanged from the last reading of 759.
Baker Hughes Oil-Rig Count
Recently in the US, Baker Hughes reported Rig Counts (Sep 1, 2017). The market was positioned for a slight decrease in the Baker Hughes Oil-rig count from the last reading of 759.
However, the actual result was neutral, as the Baker Hughes Oil-rig count was unchanged from the last reading of 759. The report also pointed out that due to Hurricane Harvey and its impact, they were not able to quantify the change in rig counts across 47 counties in South Texas. On the other hand, the US NFP in August 2017 were 156K, down from the last revised 189K.
Overall, there was a slow and steady rise in Oil price above $46.00 and there are chances of more gains in the near term.
Oil Price Technical Analysis
There was a slight decline in oil prices this past week until buyers appeared around the $45.80 support area against the US Dollar. The price formed a base at $45.80 and started an upside move clearing the $46.00 and $46.50 resistance levels.
The price even traded above the $47.00 resistance and the 100 hourly simple moving average. It traded as high as $47.80 where it faced offers. A correction was initiated and the price declined below the 23.6% Fib retracement level of the last wave from the $45.80 low to $47.80 high.
However, the downside move was prevented by a crucial bullish trend line with support at $44.55 on the hourly chart. Moreover, the 38.2% Fib retracement level of the last wave from the $45.80 low to $47.80 high acted as a support.
It seems like the price may soon break the $47.80 resistance to test the $48.00 handle. It could even break it to retest the $48.40 swing high in the near term.Tags: Crude Oil, Oil Price, Oil Price Analysis, Oil Price Chart, Oil Price Technical Analysis, US Dollar