WTI crude

Technical Analysis – WTI crude oil futures surpass 23.6% Fibonacci; next resistance at 67.30

Posted on June 12, 2018 at 7:44 am GMT

West Texas Intermediate futures is on course for a bullish correction and is posting some gains today, following the rebound on the 64.20 support level. The price jumped above the 66.00 handle and the 23.6% Fibonacci retracement level of the downleg from 72.87 to 64.20, near 66.25, while is currently completing a new eight-day high around 66.49. The momentum indicators are supportive of the bullish picture, with the RSI rising into positive territory above 50 and approaching the 70 overbought mark. The MACD [..]

Technical Analysis – WTI crude oil futures trade below ascending trend line; shift from positive outlook to negative

Posted on June 5, 2018 at 8:13 am GMT

Technical Analysis – WTI crude oil futures trade below ascending trend line; shift from positive outlook to negative West Texas Intermediate crude oil futures fell sharply lower during yesterday’s trading session and penetrated the medium-term ascending trend line to the downside. The price reached a fresh two-month low of 64.56, shifting the bullish outlook to bearish. Currently, the price is moving slightly higher while the short-term technical indicators are endorsing the scenario for a minor correction. Looking at momentum indicators, the RSI indicator is rising after the rebound [..]

Technical Analysis – WTI futures stand near multi-year high of 72.70; strong bullish mode

Posted on May 22, 2018 at 8:12 am GMT

West Texas Intermediate (WTI) crude oil futures are edging higher, recording a new multi-year high of 72.70 during Tuesday’s early European session. The price jumped above the previous peak of 72.30 and the short-term technical indicators are endorsing the bullish scenario. From the technical point of view, the MACD oscillator climbed above its trigger line and is rising with strong momentum, while the ROC oscillator stands above the neutral area and is sloping to the upside. Moreover, the 20- and [..]

Technical Analysis – WTI futures ease below 3½-year high; capped by 20-SMA

Posted on May 15, 2018 at 8:17 am GMT

West Texas Intermediate (WTI) crude oil futures have eased after the pullback on the fresh three-and-a-half-year high of 71.85 reached last Thursday. The price is being capped by the 20-simple moving average (SMA) but remains above the 40-SMA in the 4-hour chart. Short-term technical indicators are endorsing the scenario for a potential bearish retracement. Looking at momentum indicators, the RSI stands slightly above the 50 level with weak momentum, while the MACD oscillator is flattening in the positive territory below its trigger line, suggesting [..]

Technical Analysis – WTI crude oil futures retreat following the pullback on 3½-year high of 70.80

Posted on May 8, 2018 at 8:50 am GMT

West Texas Intermediate (WTI) crude has advanced considerably and recorded a fresh three-and-a-half-year high of 70.80. The price retreated after the bounce off the mentioned level and the short-term technical indicators are endorsing the scenario for a potential bearish retracement. Looking at momentum indicators, in the 4-hour chart, the RSI has plunged below the overbought levels and is pointing south, approaching the 50-neutral level. Also, the MACD is heading lower and posted a bearish cross with its trigger line in the positive territory, supporting [..]

Technical Analysis – WTI crude oil futures stands near 3-year high; bullish bias in near term

Posted on April 24, 2018 at 8:51 am GMT

WTI futures have reversed back up again after finding support at the 67.10 barrier achieved on Monday. The price completed two straight bullish weeks and is approaching the three-year high of 69.52. The bullish picture in the short term is further supported by the technical indicators. In the 4-hour chart, the MACD oscillator is rising and posted a bullish cross with its red trigger line, while the Relative Strength Index (RSI) is approaching the overbought level, near 70. The 20-simple [..]

Technical Analysis – WTI crude oil futures in strong upside movement after rebound on 61.77

Posted on April 10, 2018 at 9:31 am GMT

WTI crude oil futures have come under renewed buying interest, rising back above the 64.00 strong psychological level. After the significant rebound on the 61.77 support, the price reversed and is trying to pare some of the previous week’s losses. Oil prices jumped to a new one-week high and challenged the 64.35 price level during today’s European session. Looking at momentum oscillators in the 4-hour chart, they suggest further bullish movements may be on the cards in the short-term. The Relative Strength [..]

Technical Analysis – WTI crude oil futures hover above two-week low of 62.75

Posted on April 3, 2018 at 9:45 am GMT

WTI has reversed back down again and plummeted aggressively after finding resistance at the 65.40 level during yesterday’s session. The price recorded a new two-week low of 62.75, which holds near the 20-day simple moving average (SMA) and currently, is paring some losses. After their deep fall, in the 4-hour chart, the momentum indicators are moving higher after hitting the oversold areas. The Relative Strength Index (RSI) is hovering below the 50-neutral level in the past few days but is [..]

Technical Analysis – WTI crude futures trades around 2-week high; bullish bias but possibility of overstretched rally

Posted on March 20, 2018 at 10:26 am GMT

WTI crude oil futures have reversed back up again after finding support at the 38.2% Fibonacci retracement level of 61.41 of the downleg from 66.60 to 58.15 and reached a two-week high of 62.82 today. Prices successfully broke above the 50.0% Fibonacci and are trading above their moving averages in the 4-hour chart. The bullish picture in the short-term is supported by the MACD, however, the stochastic oscillator is signaling a possible bearish correction. The MACD oscillator is rising in the positive zone above its trigger line, while the [..]

Technical Analysis – WTI crude oil futures extend their gains; move towards 61.8% Fibonacci retracement level

Posted on March 6, 2018 at 1:40 pm GMT

WTI crude oil futures are surging after the rebound on the 60.10 support level, which overlaps with the 23.6% Fibonacci retracement level of the downleg from 66.60 to 58.00. Currently, the price is aggressively approaching the 61.8% Fibonacci mark near the 63.40 resistance level, while it jumped above the 40-simple moving average in the 4-hour chart. Technically, in the short-term, the MACD oscillator climbed above the zero line with strong momentum and the RSI indicator is pointing to the upside after flat sessions. Also, [..]

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