WTI crude

Technical Analysis – WTI futures slow down but still above rising trend line

Posted on April 16, 2019 at 7:16 am GMT

WTI futures recorded a stunning rally in the previous weeks towards a fresh five-month high of 64.75, marking a run above the 61.8% Fibonacci retracement level of the downleg from 76.90 to 42.50, around 63.73. This week, though, the price is on the backfoot and the technical indicators suggest that the market could ease in the short-term. The RSI is currently moving with increasing negative momentum towards its neutral threshold of 50 after an exit from overbought levels, while the [..]

Technical Analysis – WTI oil futures record 5-month high; bullish outlook in medium term

Posted on April 3, 2019 at 6:45 am GMT

WTI crude oil futures have been in a flying mode over the last four days, creating a new five-month high of 62.87 earlier on Wednesday. The price is heading higher after it found strong support at the one-and-a-half-year low of 42.50 last December. The short-term bias looks positive as the MACD keeps gaining ground above its trigger line, while the stochastic seems to be making its way up in the overbought territory. If the bulls hold the control, price advances may stall [..]

Technical Analysis – WTI oil futures in a flying mode; bullish bias in short term

Posted on March 26, 2019 at 1:44 pm GMT

WTI crude oil futures have come under renewed buying interest, rising back above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart after the market found strong support at the 23.6% Fibonacci retracement level of the upleg from 51.60 to 60.36, around 58.30. Looking at momentum oscillators, they suggest further upside pressures may follow in the short-term. The RSI is holding above its neutral 50 line and is also pointing upwards, detecting bullish momentum. The MACD, already positive, lies above its trigger and zero lines. [..]

Technical Analysis – WTI oil futures reach 4-month high; strongly positive in short term

Posted on March 19, 2019 at 10:03 am GMT

WTI crude oil futures have been in a flying mode since yesterday’s trading session, recording a new four-month high around 59.32 today. The price is set to touch overbought levels according to the RSI indicator which is holding a shy below the 70 level, while the MACD is ready to post a bullish crossover with its trigger line in the 4-hour chart. Moreover, the price is hovering well above the Ichimoku cloud. Another positive extension could find resistance at the 61.45 barrier, where the market topped on November [..]

Technical Analysis – WTI oil futures hold in narrow range; bullish bias in near term

Posted on March 5, 2019 at 7:51 am GMT

WTI oil futures have been trading above the short-term ascending trend line in the 4-hour chart but are consolidating in a narrow range over the last couple of weeks. The three-and-a-half month high of 57.85 acts as significant upper boundary of the channel while the 55.00 handle is the lower boundary. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) with very weak momentum. The technical indicators are supportive of this view as the RSI is neutral marginally below the 50 level and [..]

Technical Analysis – WTI crude oil futures recover slightly higher after sharp bearish move

Posted on February 26, 2019 at 9:58 am GMT

WTI crude oil futures is retreating sharply after the pullback on the three-month high of 57.78 that was reached on February 22. The 20- simple moving average (SMA) is ready to create a bearish crossover with the 40-SMA in the 4-hour chart, as the price is moving towards the short-term rising trend line, taken from the lows on December 26. In the short-term timeframe, the RSI indicator is pointing slightly up in the negative territory as well as the %K line of the stochastic [..]

Technical Analysis – WTI crude oil futures hits 3-month high; bullish correction mode in near term

Posted on February 19, 2019 at 7:42 am GMT

West Texas Intermediate crude oil futures topped at a new three-month high of 56.31 during yesterday’s trading session, advancing above the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50. The technical indicators seem to be overbought, as the RSI is flattening in the positive zone, while the %K line of the stochastic oscillator posted a bearish cross with the %D line in the strong bullish area, signaling possible downside pressures to come [..]

Technical Analysis – WTI crude oil futures point slightly higher in the near term

Posted on February 12, 2019 at 10:01 am GMT

West Texas Intermediate (WTI) crude oil futures are edging slightly higher, surpassing the Kijun sen line and the 20-simple moving average (SMA) in the 4-hour chart, indicating a possible upside retracement. However, the price remains below the Ichimoku cloud and the technical indicators are still standing in the negative zone. The RSI is approaching the 50 level, while the MACD jumped above the trigger line in the near term. Moving higher immediate resistance could come from the 40-SMA currently at [..]

Technical Analysis – WTI crude oil futures turn bias to more bullish; reaches 2-month high

Posted on February 4, 2019 at 7:44 am GMT

WTI futures came close to breaking the 38.2% Fibonacci retracement level of the downleg from the four-year high of 76.90 to the 18-month low of 42.50, around 55.64, reaching a fresh two-month high on Friday. The price remains in a bullish correction mode as it jumped above the 20- and 40-simple moving averages (SMAs), which posted a positive crossover in the preceding sessions in the daily timeframe. According to the technical indicators the market could maintain positive momentum in the short-term as the MACD indicator has surpassed [..]

Technical Analysis – WTI crude oil futures on slippery mode; indicators signal bearish retracement

Posted on January 29, 2019 at 9:21 am GMT

West Texas Intermediate (WTI) futures have declined beneath the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, indicating possible negative retracement. Momentum signals are bearish as well, as the red Tenkan-sen line, which is below the blue Kijun-sen line, looks to be heading south, while the RSI has reversed lower, holding beneath its 50 neutral mark. Also, the MACD oscillator lies in negative zone with stronger movement than before. Should the price continue this downward rally of the last session, the next support [..]

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