WTI Crude Oil Daily Update for December 21, 2016

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Updated: Dec 21, 2016, 08:36 GMT+00:00

Crude oil prices edged higher on Tuesday settling off the highs of the session but climbing 0.25%. Prices made a higher high and a higher low which is

WTI Crude Oil Daily Update for December 21, 2016

Crude oil prices edged higher on Tuesday settling off the highs of the session but climbing 0.25%. Prices made a higher high and a higher low which is indicative of an uptrend. The switch to the February contract has added the contango. Support is seen near the 10-day moving average at 52.62. Resistance is seen near the December highs at $55.44. Traders await inventory reports from both the API and the EIA. Expectations are for a draw given the seasonality of draws in crude oil and builds in products.

Momentum is neutral with the MACD (moving average convergence divergence) printing near the zero index level with a flat trajectory which reflects consolidation. The RSI is printing a reading near 60 which is on the upper end of the neutral range with a flat trajectory which reflects consolidation.

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David Becker focuses his attention on various consulting and portfolio management activities at Fortuity LLC, where he currently provides oversight for a multimillion-dollar portfolio consisting of commodities, debt, equities, real estate, and more.