WTI crude

Technical Analysis – WTI futures encounter resistance from both the 50- and 200-SMAs

Posted on July 23, 2019 at 11:51 am GMT

WTI oil futures moved north from five-month lows of 50.58 towards the 61.8% Fibonacci retracement of the down move from 66.57 to 50.58, of 60.47, over the last month. Price tumbled from the 61.8% Fibo and lost steam near its 23.6% Fibo. The 50-, 100- and 200-day simple moving averages (SMAs) in the current sideways move indicate no definite direction as their signals are unclear. The SMAs have neared each other, whilst the MACD has had only a borderline cross [..]

Technical Analysis – WTI futures find resistance at 23.6% Fibo; ‘golden cross’ completed

Posted on July 16, 2019 at 6:58 am GMT

WTI crude oil futures recorded an upside rally last week, but this week the price is on the backfoot after the bounce off the significant barrier of the 23.6% Fibonacci level of the upward wave from 42.50 to 66.60 near 60.90. The technical indicators fail to give clear direction as the MACD is flattening in the positive territory, while the RSI is sloping marginally up. It is worth mentioning that the short-term 20-day simple moving average (SMA) completed a ‘golden [..]

Technical Analysis – WTI futures erase upside rally, holding in Ichimoku cloud

Posted on July 9, 2019 at 8:35 am GMT

WTI crude oil futures have been underperforming over the last couple of days, remaining within the short-term moving averages and the Ichimoku cloud in the 4-hour chart. The RSI and the MACD oscillator are moving sideways near the 50 and the zero lines respectively, suggesting a neutral performance on price action. Should oil price manage to strengthen its positive momentum and jump above the 40-simple moving average (SMA), immediate resistance could come around the 23.6% Fibonacci of the low of [..]

Technical Analysis – WTI futures remain above 50.0% Fibo; MACD signals negative divergence

Posted on July 2, 2019 at 8:37 am GMT

WTI crude oil futures are on course to jump above the 20-simple moving average (SMA) after they found crucial support at the 50.0% Fibonacci retracement level of the downleg from 66.60 to 50.60 near 58.58 over the last sessions. Having a look at the technical indicators, the MACD oscillator is creating a bearish divergence as it is slipping at the same time that prices are moving higher in the 4-hour chart, suggesting a possible negative correction soon. However, the RSI [..]

Technical Analysis – WTI futures hover in narrow range; flat in short term

Posted on June 25, 2019 at 12:54 pm GMT

WTI oil futures for August delivery are moving sideways below the 50.0% Fibonacci mark of the 66.60 – 50.60 downleg near 58.58 but hover above the 20-period simple moving average (SMA) in the 4-hour chart. The RSI and the MACD are losing steam as both are falling in the positive area. If the market proves overbought, the price could reverse south to retest the 38.2% Fibonacci of 56.70. Lower, the 40-period SMA would be the next target around 55.30 before [..]

Technical Analysis – WTI futures lack clear direction in short-term; medium-term downtrend intact

Posted on June 11, 2019 at 9:15 am GMT

WTI crude oil futures are rising above the bullish cross within the 20- and 40-simple moving averages (SMAs) but are still hovering below the Ichimoku cloud in the 4-hour chart. The downside momentum appears to have run out of steam as the stochastic oscillator is returning higher while the RSI is trying to gain ground above the neutral threshold of 50. Should oil prices manage to strengthen the slightly bullish retracement the next resistance could come around the 23.6% Fibonacci [..]

Technical Analysis – WTI futures hovers above 4-month low; bearish bias may run out of steam

Posted on June 4, 2019 at 7:06 am GMT

WTI crude oil futures declined considerably towards a fresh four-month low of 52.11 on Monday, erasing the medium-term ascending movement in the daily chart. However, the downside momentum appears to have run out of steam as prices have been attempting and failing to close below the 61.8% Fibonacci retracement level of the upleg from 42.50 to 66.60 near 51.74. The stochastic oscillator is returning higher in the oversold zone, while the RSI is trying to gain ground below the 30 [..]

Technical Analysis – WTI crude futures build base above 2½-month trough

Posted on May 28, 2019 at 8:10 am GMT

WTI crude oil futures found strong support at a fresh two-and-half-month low of 57.40, where the 38.2% Fibonacci retracement level of the upward rally from 42.50 to 66.60 is standing. The price drifted below the ‘golden cross’ of the 50- and 200-simple moving averages (SMAs) in the daily timeframe, while the stochastic is raising chances for bullish correction at it created a positive cross within the %K and %D lines in the oversold zone. Should the price edge higher, positive [..]

Technical Analysis – WTI crude futures stands above 23.6% Fibonacci; slightly bullish

Posted on May 21, 2019 at 9:00 am GMT

West Texas Intermediate (WTI) crude oil futures returned back above the 23.6% Fibonacci retracement level of the upleg from 51.60 to 66.60, around 63.0, holding above the red Tenkan-sen line and the 20-simple moving average (SMA) in the 4-hour chart. The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure, however, the RSI indicator is flattening in the positive area. Should the price edge higher, positive momentum could probably last until the 63.95 strong resistance obstacle. Beating [..]

Technical Analysis – WTI crude futures hover above ‘golden cross’; find support at 23.6% Fibo

Posted on May 17, 2019 at 9:00 am GMT

WTI crude oil futures found strong support at the 23.6% Fibonacci retracement level from the one-and-a-half-year low of 42.50 to the recent peak of 66.60 over the last two weeks, remaining also above of the ‘golden cross’ within the 50- and 200-day simple moving averages (SMAs). The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure. Should the price edge higher, positive momentum could probably last until the six-month high of 66.60. Beating this top, the way [..]

Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. XM accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The research and analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it.

It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests and to disregard any conflicts of interest in providing our services.

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losing all of your invested capital, so please make sure that you fully understand the risks involved.

How can we help?

Live Chat Terms