WTI crude

Technical Analysis – Are WTI futures ready for a minor recovery?

Posted on April 28, 2020 at 10:33 am GMT

WTI crude oil futures have come under renewed selling pressure, falling back below the 38.2% Fibonacci retracement level of the downward wave from 36.22 to 6.75 at 18.03. The technical indicators, though, are sending some bullish signals, suggesting that the softness in the market may pause. The RSI has reversed higher near oversold levels, slightly above 30 indicating that the market could weaken its bearish structure a little bit in the short-term. Stochastics are still in oversold territory, posting a [..]

Technical Analysis – WTI futures recover somewhat after the dramatic crash to 6.62

Posted on April 23, 2020 at 6:50 am GMT

WTI crude oil futures are recovering somewhat after the sharp collapse to a multi-year low of 6.62 on Tuesday. The renewed selling interest broke the 19.32 strong barrier (resistance now – support before) to the downside, opening the way for steeper declines. However, currently, the momentum indicators are suggesting a possible upside pullback in the short-term. The stochastic oscillator is turning higher after the bullish crossover within the %K and %D lines in the oversold zone, while the RSI is [..]

Technical Analysis – WTI futures bears face big challenge near 21.90; stochastic seems oversold

Posted on April 14, 2020 at 7:10 am GMT

WTI crude oil futures have been on the sidelines over the last couple of days as the 23.6% Fibonacci retracement level of the down leg from 54.70-19.25 at 27.56 seems to be a struggle for the bulls. The price could lose some more ground in the short-term, according to the RSI, as it is changing direction to the downside. However, the stochastics are warning over an oversold market, forming a bullish crossover within the %K and %D lines. A rebound [..]

Technical Analysis – WTI oil futures sank below 20-SMA; lacks direction in very short-term

Posted on April 10, 2020 at 9:54 am GMT

Since its deep fall towards the multi-year low of 19.32 in the end of March, WTI oil futures have been fluctuating around the 20-day simple moving average (SMA). The technical picture supports that the selling interest is likely to remain in the short-term. The stochastic oscillator bounced off the overbought zone and is heading south, while the RSI is pointing down in the negative territory. Also, the price is trading well below the Ichimoku cloud in the daily timeframe. Further losses could see the March 30 low of 19.32 acting [..]

Technical Analysis – WTI futures retain bearish picture in long term

Posted on April 3, 2020 at 7:12 am GMT

WTI futures look to be mostly bearish after a descent rally from the 65.61 resistance on January, driving the commodity down to a multi-year trough of 19.32. In the preceding days, the price reversed slightly higher, touching the 20-day simple moving average (SMA). The short-term oscillators reflect a rise in the positive momentum. The MACD, in the negative area, has moved above its trigger line and is approaching the zero line. Additionally, the stochastics, which are moving towards the overbought [..]

Technical Analysis – WTI futures flirt with short-term downtrend line after bounce off multi-year low

Posted on March 31, 2020 at 9:25 am GMT

WTI crude oil futures rebounded on the multi-year low of 19.25 on Monday, struggling beneath the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud in the 4-hour chart. However, the RSI is pointing upwards in the negative territory, approaching the 50 level, while the stochastic is flirting with the overbought zone. Immediate resistance, in case of some gains above the near-term trend line, could come from the 20- and 40-period SMAs currently at 21.76 and 22.88 respectively. More upside pressure could drive the market [..]

Technical Analysis – WTI futures creates narrow range in a strong sell-off period

Posted on March 24, 2020 at 10:08 am GMT

WTI crude oil futures have been consolidating within a narrow range over the last week with upper boundary the 23.6% Fibonacci retracement level of the downward wave 54.70-20.50 at 28.58 and lower boundary the multi-year low of 20.50. This sideways move is confirmed by the technical indicators. The RSI is flattening near its 50 level, while the stochastic is turning slightly lower in the overbought territory. However, the Ichimoku lines are moving lower in the 4-hour chart. Immediate resistance, in [..]

Technical Analysis – WTI futures turn up from multi-year low in the near term

Posted on March 20, 2020 at 7:41 am GMT

WTI crude oil futures rebounded on the multi-year low of 20.50 on Wednesday, touching the inside swing low from January 2016 at 27.54. The commodity surpassed the 40-period simple moving average (SMA), suggesting a potential bullish correction in the very short-term. This slightly bullish action is confirmed by the technical indicators. The RSI is flirting with its 50 level and sloping upwards, while the stochastic is edging towards its overbought mark in the 4-hour chart. Moreover, the red Tenkan-sen line [..]

Technical Analysis – WTI oil futures pull back, but still above uptrend line

Posted on September 27, 2019 at 10:51 am GMT

WTI oil retreated in recent days, after it briefly soared to a 4-month high last week. Despite the latest pullback though, the fact that the price is still trading above an uptrend line drawn from the lows of August keeps the short-term outlook cautiously positive. That said, a break below the uptrend line and 55.30 would turn the bias to neutral. Momentum oscillators paint a neutral picture, with the RSI being flat near its 50 level, while the MACD is [..]

Technical Analysis – WTI oil futures recent rally retests the 200-SMA

Posted on August 20, 2019 at 8:49 am GMT

WTI oil futures collapsed back down to the lower boundary of the nearly three-month trading range, registering a seven-month low of 50.51, before the bulls rallied back up to the 200-period simple moving average (SMA) on the four-hour chart. The MACD and the RSI are also indicating some weakness but suggest a positive directional momentum is still in place. They are both in the positive region with the MACD above its red trigger line and the RSI slowly creeping higher [..]

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