WTI crude

Technical Analysis – WTI crude oil futures hover near upper Bollinger band; medium term bearish

Posted on August 21, 2018 at 8:58 am GMT

West Texas Intermediate (WTI) futures are developing below the 65.70 strong resistance area over the last four trading days but successfully surpassed the mid-level of the Bollinger band, this being a 20-period-simple moving average (SMA) in the 4-hour chart. The RSI is hovering around the 50 neutral-perceived area, pointing to the absence of momentum in either direction in the short term, for the most part. Turning to the stochastics, it is of note that the green %K line is looking set to post a bearish crossover with the %D [..]

Technical Analysis – WTI crude oil futures advance considerably near 40-SMA in near term

Posted on August 14, 2018 at 8:50 am GMT

WTI futures resumed neutral mode in the short-term picture following the rebound on the six-week low of 65.70 on Monday’s session. The RSI and the MACD have both improved but remain near their neutral zones; the RSI is currently moving slightly above 50, while the MACD has deviated further above its red signal line but continues to hold below zero. Should the price shift successfully above the 67.90 resistance level, which overlaps with the 40-simple moving average (SMA) and the 23.6% Fibonacci of the [..]

Technical Analysis – West Texas Intermediate futures regain some ground above SMAs

Posted on August 7, 2018 at 10:29 am GMT

WTI crude oil futures for September delivery have finally reversed to the upside after the rebound on the long-term ascending trend line. The price also surpassed the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, suggesting an extension of the bullish momentum. From the technical point of view, the RSI indicator is pointing up in the positive territory, while the MACD oscillator jumped above its trigger line but remains near its zero line. In case of a further [..]

US Open Preview – Dollar inches up as Fed takes center stage

Posted on August 1, 2018 at 11:05 am GMT

Here are the latest developments in global markets: FOREX: The US dollar continued the bullish movement today against the Japanese yen (+0.05%), near 112.00, while tariffs returned to the spotlight as the US and China were reportedly seeking to resume talks to find common ground on trade. The main event of the day will be the FOMC monetary policy decision later in the day. In the Eurozone, the final IHS Markit manufacturing PMI posted a reading of 55.1 in July, unchanged from [..]

Technical Analysis – WTI crude oil futures remain bullish above short- and long-term uptrend lines

Posted on July 31, 2018 at 12:58 pm GMT

WTI futures have been standing above the short (since July 18) and long-term (since June 21, 2017) ascending trend lines suggesting a possible strong upside momentum after the strong bounce off the 75.24 resistance level. However, over today’s session, the price posts limited losses approaching the 20-simple moving average (SMA) of 69.46 in the 4-hour chart. The RSI indicator and the MACD oscillator have both weakened, with the former holding near its neutral threshold of 50 and the latter easing [..]

Technical Analysis – WTI futures suggest further gains in near term; bullish crossover within SMAs completed

Posted on July 24, 2018 at 12:36 pm GMT

WTI futures have been in a flying mode today in the short-term timeframe as it surpassed the 20- and 40-simple moving averages (SMAs). The price rebounded on the 67.56 key level, so, having all these in mind, the outlook seems to be cautiously positive. Looking at the 4-hour chart, the technical oscillators are giving signs that the latest run may continue for a while more. The RSI turned up after it jumped above its 50 line, however, the MACD has flattened near its zero [..]

Technical Analysis – WTI crude oil futures plunges near 3-week low; bearish phase holds

Posted on July 17, 2018 at 8:14 am GMT

WTI futures for August delivery recorded a fresh more than three-week low of 67.56 on Monday, while the sharp bearish run started following the pullback on the 74.64 resistance level last Tuesday. Also, the price plunged below the 61.8% Fibonacci retracement level of the upleg from 63.37 to 75.24 of 67.90, indicating that a bearish movement is in play in the near term. In the 4-hour chart, the momentum indicators are supportive of the bearish picture, with the RSI remaining into the oversold zone [..]

Technical Analysis – WTI oil futures drift sideways as rally eases

Posted on July 10, 2018 at 8:46 am GMT

West Texas Intermediate (WTI) crude oil futures seem to have lost momentum since hitting the 75.24 multi-year high on July 3. Price action is at the moment taking place above the 20- and 40-simple moving averages in the 4-hour chart after they recorded a bearish cross but are currently pointing up. Looking at momentum indicators, the RSI is lacking direction slightly above it neutral threshold of 50, suggesting that the market could keep consolidating in the near term. The MACD also supports this [..]

Technical Analysis – WTI futures create multi-year highs; bullish bias but possibility of overstretched rally

Posted on July 3, 2018 at 8:42 am GMT

West Texas Intermediate (WTI) futures surged to a fresh high of 74.80 since November 2014 as it is recording a sharp bullish run over the last five days. Prices broke above the 72.20 level and are trading above their moving averages. The bullish picture in the short term is kindly supported by the technical indicators. From the technical point of view, in the 4-hour chart, the RSI is holding slightly above the 70 level, suggesting an overstretched rally, while, the [..]

Technical Analysis – WTI futures remains bullish as it stands above 50.0% Fibonacci

Posted on June 26, 2018 at 7:50 am GMT

West Texas Intermediate (WTI) futures posted a negative day after they reached a new one-month high of 69.40 yesterday, while on Friday the price created sharp bullish extensions. The price eased and tested the 67.75 support level on Monday before the jump above the 50.0% Fibonacci retracement level of the downleg from 72.87 to 63.37, near 68.12, once again. In the 4-hour chart, the RSI stands in the bullish area and is sloping slightly north, while the %K line of the stochastic oscillator posted a [..]

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