WTI crude

Technical Analysis – WTI crude oil futures falling following bounce off 3-week high

Posted on February 27, 2018 at 11:53 am GMT

WTI crude oil futures are edging marginally lower today, following the pullback from the 3-week high of 64.20 resistance level. When looking at the bigger picture, price action maintains a bullish tone, however, a small downside retracement is possible. In the short-term timeframe, the technical indicators seem to be slightly negative. In the 4-hour chart, from the technical point of view, the MACD oscillator is falling – though it remains in the positive zone – and is looking ready to post a bearish cross with its trigger line, while [..]

Technical Analysis – WTI crude oil futures see bullish bias with scope to extend higher

Posted on February 21, 2018 at 1:31 pm GMT

WTI crude oil futures have been underperforming since yesterday’s trading period, however over the last few hours they are trying to gain some ground. In the short-term timeframe, the technical indicators seem to be in confusion as they are giving signals for opposite tendency. In the 4-hour chart, the MACD oscillator is falling in the positive zone below its trigger line, approaching the zero line. However, the stochastic oscillator recorded a bullish crossover in the oversold territory, suggesting a retracement of the bearish bias. [..]

Technical Analysis – WTI crude oil futures tumble in short-term extending its losses below 61.8% Fibonacci mark

Posted on February 13, 2018 at 10:09 am GMT

WTI crude oil futures are continuing the bearish movement following the strong pullback from the 60.80 resistance level during Monday’s session. Prices have been touching the 61.8% Fibonacci retracement level at 59.30 of the up-leg from 54.80 to 66.60 over the last hours, finding strong support obstacle. The bearish picture in the short-term is supported by the RSI indicator. In the 4-hour chart, the aforementioned indicator is moving slightly lower in the negative territory near the 30 level and is [..]

Technical Analysis – WTI crude oil futures hold below 23.6% Fibonacci level, near 3-week low

Posted on February 6, 2018 at 3:07 pm GMT

WTI crude oil futures have been trading slightly lower over the last few hours and created a 3-week low of 63.10. Having a look at the bigger picture the price is endorsing the scenario for further losses, while the short-term timeframe indicates an upward tendency. In the 4-hour chart, the price dropped below the 23.6% Fibonacci retracement level at 63.84 of the last big upward movement with the low of 54.80 and high of 66.60. The RSI indicator is pointing to the upside above the 30 level. Additionally, the [..]

Technical Analysis – WTI crude oil futures struggle below 64.20; bullish move is expected

Posted on January 23, 2018 at 2:59 pm GMT

WTI crude oil futures have been trading slightly higher over the last few hours and touched the 64.20 resistance level. Having a look at the bigger picture the price is endorsing the scenario for further gains, while the short-term timeframe indicates a pause of the downward correction. In the 4-hour chart, the price jumped above the 20 and 40 simple moving averages while the technical indicators are confirming the recent bullish phase. The RSI indicator is pointing to the upside in the positive territory. [..]

Technical Analysis – WTI crude oil futures maintain weak upside bias in near-term; broader trend is bullish

Posted on January 19, 2018 at 9:55 am GMT

WTI crude oil futures have traded lower in the prior three days following the pullback on the fresh three-year high of 64.80. When looking at the bigger picture the price is endorsing the scenario for further gains, however, in the short-term timeframe a bearish correction is possible. The price slipped below the 161.8% Fibonacci retracement level at 63.65 of the last big downward movement with the high at 55.40 and the low at 42.00. If price action remains below 63.65, [..]

Technical Analysis – WTI crude oil futures sharply extend gains; reach 3-year high

Posted on January 11, 2018 at 3:25 pm GMT

WTI crude oil futures have been skyrocketing over the last four weeks, recording a new three-year high of 64.05. In the daily timeframe, the price has just successfully surpassed the 161.8% Fibonacci retracement level of the last big bearish movement with the high at 55.40 and the low at 42.00. The aggressive run started after the rebound on the latter level last June, while the prices have added more than 34% to its performance since then. The oil price continues to print higher peaks and higher [..]

Technical Analysis – WTI crude oil futures ease following sharp bullish move

Posted on January 5, 2018 at 9:15 am GMT

WTI crude oil’s bullish rally was eventually stopped during Thursday’s trading session, near the fresh high of 62.18 resistance level. The price structure in the short to medium-term time frame is higher peaks and higher troughs above the ascending trend line, drawn from the low of June 21. If buyers drive oil well above the 62.18 barrier, then the price could experience more upside extension, perhaps towards the 161.8% Fibonacci retracement level, of the last big down-leg move on the weekly chart, with the [..]

US Open Preview – Pound in shape after positive Brexit signals; stocks up; US tax updates eyed; US factory orders awaited

Posted on December 4, 2017 at 12:48 pm GMT

Here are the latest developments in global markets: Forex: Sterling rallied above 1.35 against the dollar and touched a fresh one-month high versus the euro after EU parliamentary members of the Brexit group said there was a “very good chance” of a deal and that May’s meeting with the President of the European Commission could resolve main issues. The euro was on track to post a second red daily candle on the back of a stronger dollar despite the Eurozone’s Sentix investors confidence index in [..]

Oil in retreat after Saudi Arabia rules out cut; doubts remain over freeze

Posted on February 24, 2016 at 2:07 pm GMT

Crude oil prices erased their gains made after the deal to freeze output was struck as Saudi Arabia’s oil minister yesterday ruled out cutting production anytime soon. Saudi Oil Minister Ali Al-Naimi, who was speaking at a conference in Houston, Texas, said on Tuesday that a production cut is “not going to happen” because he was sceptical about other countries enforcing it even if such a decision was taken. On February 16, OPEC members Saudi Arabia, Venezuela and Qatar reached [..]

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