WTI crude

Technical Analysis – WTI crude oil futures retreat from 1½-month high; pause near 20-SMA

Posted on January 22, 2019 at 11:02 am GMT

Oil futures retreated from a one-and-a-half-month high of 54.50 on Tuesday, touching the 20-simple moving average (SMA) in the 4-hour chart. The very short-term bias looks negative as the MACD keeps losing ground below its red signal line, while the RSI seems to be making its way down to retest its 50-neutral mark. Should bearish dynamics dominate, the market might decline below the 53.25 key support and the near-term uptrend line to challenge the 40-SMA currently at 52.35. Below that, the area [..]

Technical Analysis – WTI crude oil futures find support at 23.6% Fibonacci; hold within SMAs

Posted on January 15, 2019 at 12:32 pm GMT

West Texas Intermediate (WTI) crude oil futures are finding strong support level on the 23.6% Fibonacci retracement level of the sharp downward movement from 76.90 to 42.50, around 50.65. The technical indicators suggest that there are still some investors that could hold the market on the downside; the MACD is moving lower below its red signal line, while the RSI has turned slightly to the downside below 50 level. Should the price retreat, the 40-simple moving average (SMA) in the 4-hour chart, which coincides with [..]

Technical Analysis – WTI crude oil futures could see further gains in near term

Posted on January 8, 2019 at 9:40 am GMT

WTI crude oil futures (for February delivery) rebounded on the 18-month low of 42.50 on December 26, driving the price higher towards a three-week high of 49.80 yesterday. The technical indicators suggest that there are still some investors that could hold the market on the downside; the MACD is consolidating below its red signal line, however, the RSI has turned slightly higher above 50 level. Should the price retreat, the 20- and the 40-simple moving averages (SMAs) at 47.88 and 46.73 correspondingly could be the next immediate levels [..]

Technical Analysis – WTI crude oil futures in slippery mode; bears break 49.00 level

Posted on December 18, 2018 at 9:04 am GMT

WTI futures plummeted to a fresh 15-month low during yesterday’s session, challenging the 48.50 level. The price exited from the narrow range that was holding in the preceding three weeks, continuing the strong downside structure in the short to medium term. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is flattening near the overbought levels, while the MACD is strengthening its negative momentum below the trigger and [..]

Technical Analysis – WTI crude futures develop in narrow range after strong sell-off

Posted on December 11, 2018 at 9:30 am GMT

West Texas Intermediate (WTI) crude oil futures have turned neutral after a strong downfall in the previous weeks. The price struggles within a narrow range, with upper boundary the 54.40 resistance level and lower boundary the 50.00 handle. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is moving below its neutral level of 50, while the MACD is strengthening its negative momentum. If the price exits from the trading range and dives below [..]

Technical Analysis – WTI crude futures hold above 15-month low; record some gains

Posted on November 27, 2018 at 9:02 am GMT

West Texas Intermediate (WTI) crude oil futures are trying to pare some of the previous month’s heavy losses, however the momentum is still too weak. During Monday’s session, the price completed a fresh 15-month low around the 50.00 handle, recording a significant bearish day. The MACD oscillator seems to be ready for a potential upside retracement in the near term as it climbed above the trigger line in the negative zone. If the price continues to move slightly higher, immediate resistance is [..]

Technical Analysis – WTI crude futures consolidate after hitting 9-month low

Posted on November 20, 2018 at 9:11 am GMT

West Texas Intermediate (WTI) futures advanced slightly above the nine-month low of 54.80 after the sharp sell-off in the preceding week but is trading in a narrow range of 55.25 – 58.15. Prices are trading within the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, which are heading for a bullish crossover in the near future. According to the technical indicators, the MACD oscillator is rising in the negative zone, while the RSI indicator is pointing down slightly below the 50 zone. Should the price manage [..]

Technical Analysis – WTI crude oil futures hover above 7-month low; bearish outlook in place

Posted on November 6, 2018 at 10:25 am GMT

WTI crude oil futures sank to a new seven-month low of 62.51 on Monday, recording the sixth consecutive bearish day. Prices remain below the simple moving averages (SMAs) in the 4-hour chart and are hovering slightly above the aforementioned low. Having a look at the technical indicators, the blue %K line of the stochastic oscillator is turning up, ready to create a bullish crossover with the red %D line. Moreover, the MACD oscillator stands above the trigger line in negative territory. These are signaling a potential change [..]

Technical Analysis – WTI oil futures trades sideways in near term; bullish mode in long term

Posted on September 11, 2018 at 9:05 am GMT

West Texas Intermediate (WTI) crude oil futures have been moving sideways since the bounce off the 68.50 resistance level, which overlaps with the 38.2% Fibonacci retracement level of the downleg from 75.24 to 64.40. In the short-term, the RSI indicator is pointing upwards in the negative zone, while the blue %K line of the stochastic oscillator posted a bullish cross with the red %D line, signaling upside tendency in the 4-hour chart. An extension to the upside and above the [..]

Technical Analysis – WTI oil futures move higher in near term approaching 61.8% Fibonacci

Posted on September 4, 2018 at 8:49 am GMT

WTI crude oil futures (October delivery) have been trading within a sharp ascending channel over the past two weeks in the 4-hour chart, creating a bullish correction after the rebound on the 2-month low of 64.40. Currently, the oil is edging higher and remains above the 20- and 40-simple moving averages (SMAs), while the technical indicators are endorsing the scenario for a bullish tendency. The RSI indicator is approaching the overbought zone and the MACD is trying to surpass the trigger line in [..]

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