WTI Crude Oil (current price: $53.11)
Oil had a bearish day once again, as Donald Trump reiterated his intention to reduce environmental regulation in the U.S. possible leading to increased crude oil production in the coming years. The negative global sentiment also weighed on the commodity. The rebound in stock in late trading helped WTI Crude higher, and oil is trading slightly higher today in early trading as well. Volatility might increase in crude oil in the coming weeks, as it has been in a consolidation pattern for over a month now.
Our assessment: Oil is still trading in a bullish flag pattern following the recent choppy period. Strong resistance is still ahead near the $54.50 level, with the 200-day Moving Average now found at $48.
