WTI crude

Technical Analysis – WTI futures reach 1-year high; RSI looks overbought

Posted on February 4, 2021 at 9:58 am GMT

WTI futures reached another almost one-year high of 56.31 yesterday as the commodity extended its bull run above the 53.94 strong level. The bullish picture in the medium term is further supported by the MACD, which is rising and above its trigger line. Also, the RSI is holding in the overbought zone, suggesting a possible downside retracement. To the upside, there is immediate resistance at the 57.40-59.64 area, while above that, the next major resistance to watch is the 65.61 [..]

Technical Analysis – WTI futures surge to 1-year high; back to positive view

Posted on February 2, 2021 at 10:24 am GMT

WTI crude oil futures rose to a fresh one-year high of 54.41 earlier today, continuing the strong rebound off the short-term uptrend line. The simple moving averages (SMAs) are returning higher, while the RSI is approaching the overbought territory. Moreover, the MACD is extending its positive momentum above its trigger and zero lines. Traders would be eager to engage in more buying activities if the price manages to surpass today’s high and move towards the nearby resistance at 54.62, registered in February 2020. [..]

Technical Analysis – WTI futures flirt with 11-month peak; indicators look overbought

Posted on January 12, 2021 at 8:05 am GMT

WTI crude oil futures have reversed higher again reaching a fresh eleven-month high of 52.70, however, the MACD oscillator now suggests that the market sentiment might get worse before getting better. The RSI is approaching the overbought territory, indicating a possible pullback in the very short-term timeframe. If the price manages to move higher again and surpass the eleven-month high of 52.75 it could take the market towards the 54.62 resistance, registered in February 2020. Alternatively, the market might revisit the 20-period simple moving average (SMA) [..]

Technical Analysis – WTI futures find floor at 20-day SMA; outlook bullish

Posted on December 24, 2020 at 7:50 am GMT

WTI crude oil futures stretched theirs seven-month old rally to a ten-month high of 49.39 on Friday before pulling slightly lower. The MACD seems to be losing momentum below its trigger line, the RSI is still hovering in the positive region following the pullback from the overbought territory, while the red Tenkan-sen line is flattening above the blue Kijun-sen, all signaling a more cautious trading in the short term. The market trend, however, is likely to hold on the upside as long as the price trades above its simple moving averages (SMAs) and the [..]

Technical Analysis – WTI futures retreat below rising trend line and SMAs

Posted on December 22, 2020 at 10:33 am GMT

WTI crude oil futures are dropping below the short-term ascending trend line, which had been holding since November 2, finding a powerful support at the 100-period simple moving average (SMA) and the lower surface of the Ichimoku cloud. The MACD oscillator is declining below the zero level with weak momentum, while the RSI is ticking slightly up in the negative territory. If the price remains beneath the diagonal line and the SMAs, immediate support could come from the 46.22 level, indicating a [..]

Technical Analysis – WTI futures ease near 9-month high; indicators suggest bearish move

Posted on December 10, 2020 at 7:44 am GMT

WTI futures recorded a rally last week towards a nine-month high of 46.76, though, the price is on the backfoot this week and the technical indicators suggest that the market could ease a little bit in the short-term. The RSI is currently increasing negative momentum towards its neutral threshold of 50 after a decline from overbought levels, while the MACD is slowing down in positive territory. Both are hinting that the next move in prices could be on the downside [..]

Technical Analysis – WTI futures fails to build clear tendency

Posted on November 5, 2020 at 8:07 am GMT

WTI futures have been in a neutral mode over the last five months, trading with weak momentum near the simple moving averages (SMAs). On Monday, the price rebounded off the 33.44 support level, reaching the Ichimoku cloud. The MACD oscillator is flattening marginally below the zero level, while the RSI is sloping marginally down after it achieved the neutral threshold of 50. If the price successfully surpasses the SMAs, immediate resistance could come from the 41.93-43.71 zone before breaking the [..]

Daily Market Comment – Investors play defense as global cases surge, US election tightens

Posted on October 26, 2020 at 10:03 am GMT

Markets on red alert as US infections hit grim records, Europe adopts new measures Meanwhile, election polls have tightened – ‘Blue wave’ no longer as certain Global stocks retreat, oil hammered, dollar inches higher Big week ahead: three central bank meetings, key GDP data, tech earnings Global cases soar, investors cut risk exposure Market participants are playing some defense on Monday, slashing their exposure to riskier assets like stocks and rotating into the safety of sovereign bonds, amid a blitz [..]

Technical Analysis – WTI futures rise above 200-SMA but broader outlook is neutral

Posted on October 8, 2020 at 1:30 pm GMT

WTI crude oil futures continue to rise above the Ichimoku cloud and the 200-period simple moving average (SMA), remaining inside a bullish move over the past five days. According to the RSI, positive momentum could push for further gains in the short-term as the indicator picks up steam above its neutral threshold of 50, while the stochastic oscillator is still gaining ground in the overbought area. In the positive scenario, where the price continues to expand above today’s high, a new top could [..]

Technical Analysis – WTI futures lack direction but stand above Ichimoku cloud

Posted on September 29, 2020 at 9:02 am GMT

WTI futures are hovering above the Ichimoku cloud and the 20- and 40-period simple moving averages (SMAs), however, the technical indicators are suggesting a bearish retracement. The RSI is falling in the positive area, flirting with the 50 level, while the stochastic is heading south after the bearish crossover within its %K and %D lines. In case oil surpasses the 40.80 resistance and the 200-period SMA, it could add some optimism for more gains to touch the 41.71 barrier. Breaching this line, the 41.71 [..]

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