WTI futures

Technical Analysis – WTI futures weaken their bullish move above SMAs

Posted on July 2, 2020 at 7:55 am GMT

WTI crude oil futures have found resistance at the 41.60 barrier, sending prices sideways in the short-term. Oil is keeping its position above the moving averages despite the contradicting signals in the momentum indicators. The MACD is holding beneath its trigger line in the positive territory, while the RSI is pointing marginally up in the bullish region. In case of more upside pressures and a successful climb above the immediate resistance of 41.60, the next hurdle would come from the 61.8% Fibonacci retracement level of [..]

Technical Analysis – WTI futures on a sideline move below 3-month peak

Posted on June 11, 2020 at 7:23 am GMT

WTI crude oil futures is continuing a seven-week rebound but with slower momentum over the last couple of days, reaching a fresh three-month peak near 40.60. The short-term bias looks overbought as the RSI pulled back from the 70 level and is heading south, while the MACD is flattening above its trigger and zero lines. The 40.60 could be a key point for steeper bullish actions if the pair manages to break the line. This is also slightly below the [..]

Technical Analysis – WTI oil futures spike up, but still cautiously negative

Posted on August 13, 2019 at 2:06 pm GMT

WTI oil futures for September delivery have recovered some ground in recent days, but the broader picture remains cautiously negative from a technical standpoint, as the price action still consists of lower highs and lower lows. That said, a break below 50.50 is required to signal that the bigger downtrend is back in force. If the sellers retake the reins, their first obstacle may be the 50.50 zone, where a downside break would mark a lower low on the daily [..]

Technical Analysis – WTI crude oil futures hover near 9-month low; bearish bias in short-term

Posted on November 13, 2018 at 9:16 am GMT

West Texas Intermediate (WTI) futures plummeted to a new nine-month low of 58.66 on Monday, creating the eleventh red day in a row. Prices remain below the simple moving averages (SMAs) in the 4-hour chart and are hovering slightly above the aforementioned low. According to the momentum indicators, the blue %K line of the stochastic oscillator is turning higher, ready to create a bullish crossover with the red %D line. The RSI indicator is flattening in the bearish territory. Both are suggesting an end to the [..]

Technical Analysis – WTI oil futures hold inside ascending channel; risks tilted to the downside

Posted on August 28, 2018 at 8:57 am GMT

WTI crude oil futures (October delivery) have been trading within a steep ascending channel in the 4-hour chart the past two weeks after being unable to dip below the two-month low of 64.40 reached on August 16. The market, however, could violate the bullish channel as the RSI is moving lower to exit the overbought area, while the MACD is slowing down below its red signal line, both flagging that some weakness could appear in the short-term. A correction to the downside could [..]

Technical Analysis – WTI futures consolidating after aggressive bearish rally; bullish in medium term

Posted on May 30, 2018 at 12:55 pm GMT

West Texas Intermediate (WTI) futures are on course for the second day of gains, which have driven the price towards the upper boundary of the narrow range with a resistance level of 67.30 and support barrier of 65.75. The trading range has been standing since Monday while the oil dropped below the 67.30 hurdle and started a sideways move. The RSI is currently increasing positive momentum towards its neutral threshold of 50 after an exit from oversold levels, while the MACD is rising in the negative [..]

Technical Analysis – WTI crude oil futures remain under pressure; creates narrow range in near term

Posted on May 2, 2018 at 1:04 pm GMT

WTI futures have been holding within a consolidation area since April 18 with upper boundary the 69.35 resistance level and lower boundary the 67.10 support, while the 20- and 40-simple moving averages in the 4-hour chart are acting as a strong mid-level of the channel. In the short-term, the technical indicators turned their momentum to negative. Looking at momentum oscillators though, they suggest further declines may be on the cards in the short-term. The RSI is below its neutral 50 line, detecting negative momentum, and [..]

Technical Analysis – WTI oil futures in uptrend but rally shows signs of exhaustion

Posted on November 7, 2017 at 10:22 am GMT

WTI oil futures are at their highest level since July 2015 after a strong rally took prices above the key 57.00 level, hitting as high as 57.66. The short-term trend is clearly to the upside but the market has become overextended. This is indicated by the RSI on the 4-hour chart, which is now above 70 in overbought territory. As the rally appears to be exhausted, the market is likely to consolidate in the near term and possibly pull back [..]

Technical Analysis – WTI oil futures turn bullish after break above 50 level but momentum slows

Posted on September 19, 2017 at 9:29 am GMT

WTI oil futures stalled their rally at a 4-month high of 50.82 before entering a consolidation phase above what was a key resistance level and now support at 50. Downside risk is limited in the near term and the market is expected to remain supported above the 20 SMA on the 4-hour chart. The fact that this moving average is rising and is above the 50 SMA gives room for more upside. Momentum oscillators are still in bullish territory although [..]

Technical Analysis – WTI oil futures risk seeing more downside

Posted on September 12, 2017 at 10:06 am GMT

WTI oil futures have been trading around the pivotal 47- level and keeping within a range between 45.40 and 50.40 since July. Trading during the last few sessions has been very choppy. The recent rally from the 45-area to the September 6 high of 49.39 fizzled out after the market became overbought as was indicated by the RSI rising above 70 on the 4-hour chart. A subsequent drop found strong support at 47 from where prices bounced off. Near-term risk [..]

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