WTI: trades in a $1.00 range within technically bullish territory still

WTI was trading in a narrow $1.00 range again today around not only the FOMC  over the disappointing EIA report and market hopes that OPEC will indeed expand the production-cut deal. 

WTI hit $51.11bbls ahead of the FOMC announcements where the black gold subsequently dropped to $50.37 after the expected hawkish outcomes from the Fed. The greenback ripped across the board on a demand-driven basis in traders covering a very short position in the market.

FOMC's decisions regarding monetary policy implementation - Sep 20, 2017

Meanwhile, the EIA weekly report released earlier on in the session proved that domestic crude supplies climbed by 4.59 million barrels for the week ended September 15h, beating the market's expectations of 3.49 million, albeit below the prior 5.88M. 

WTI levels

From a technical point of view, Valeria Bednarik, chief analyst at FXStreet notes that the bullish stance persists:

"In the daily chart, WTI posted a higher high and a higher low daily basis, extending further beyond its 100 and 200 SMAs, whilst technical indicators picked up near overbought readings after being consolidating for most of the week."

Also, from a near-term outlook, Valeria explained, using the 4 hours chart, that WTI is far above bullish moving averages and with a strong upward momentum. "Beyond the mentioned daily high, the 51.52 May high is the next probable target, en route to the 52.00 price zone," Valeria added. 

Forex today: Fed proves to market it means business, regardless, dollar soars