Oil

The decline was quite modest as the data also showed a decrease in petroleum reserves.
At the close of NYMEX trading, WTI oil futures decreased 9 cents (0.1%) to $88.81 per barrel. At the close of ICE trading.

There is some inverted hammer candle in daily chart yesterday, it may turn the direction of trend lets wait for one more daily candle confirmation.

Prices are testing major support at $75.46, the 50% Fibonacci retracement of the rally from the major post-crisis March 2009 low, with a bounce seeing the first layer of significant resistance at $84.72 (the 38.2% Fib).

I think oil price will be rise. But last trading day we've seen a slip from the region of 89.00. But lastly it showed some uptrend again. So, what can we expect today at the beginning of the market? Any idea or prediction please?

If a M15 close above 88 buy only and do not sell. If price closes back below it again do nothing.

If a M15 close below 86 sell only and do not buy. If price closes back above it again do nothing

The range 85 and 86 is neutral area, any trade done in between is personal decision and not part of this analysis

The recent rally in the stock market might continue to pull up oil prices. In the near future, I still think that WTI price will remain around $85-$90 mark

If a M15 close above 87 buy only and do not sell. If price closes back below it again do nothing.

If a M15 close below 85 sell only and do not buy. If price closes back above it again do nothing

The range 87 and 85 is neutral area, any trade done in between is personal decision and not part of this analysis

Prices are now testing the Flag’s upper boundary ($90.51), a barrier reinforced by the top of a falling channel established from May (now at $91.50). Only a break above the latter threshold would negate the broadly bearish implications of positioning.

If a M15 close above 90 buy only and do not sell. If price closes back below it again do nothing.

If a M15 close below 88 sell only and do not buy. If price closes back above it again do nothing

The range 90 and 88 is neutral area, any trade done in between is personal decision and not part of this analysis

a barrier reinforced by the top of a falling channel established from May (now at $91.50). Only a break above the latter threshold would negate the broadly bearish implications of positioning.