WTI oil futures

Technical Analysis – WTI oil futures look for February’s key as bears gain traction

Posted on January 14, 2021 at 8:53 am GMT

WTI oil futures saw a bit of a drop on Wednesday after touching February’s resistance of 53.90, bringing the 78.6% Fibonacci retracement of the 2020 downfall at 53.00 back under the spotlight. February’s border could be the key to the next leg of the rally, which may initially pause inside the 58.60 – 59.50 restrictive area before stretching towards the 2019 tops registered within the 62.00 – 65.60 zone. That said, any improvement might come with some delay as the momentum indicators, although in [..]

Technical Analysis – WTI oil futures test bottom of the range after slump

Posted on October 29, 2020 at 3:22 pm GMT

WTI oil futures for December delivery are seeking a breakdown below the range area that strictly held the market in a neutral structure during the past four months. From a technical standpoint, the price is set to cross below the 50% Fibonacci of the downleg from 65.61 to 6.62, at 36.13, following the rejection near the upper surface of the Ichimoku cloud. Given the weakness in the MACD and the negative slope in the RSI, the sell-off could get new [..]

Technical Analysis – WTI oil futures likely awaiting a volatile session

Posted on August 6, 2020 at 7:29 am GMT

WTI oil futures for September delivery stabilized near the 200-day simple moving average (SMA) and around the 61.8% Fibonacci retracement of the 65.61-6.62 downleg after unlocking a five-month high of 43.49. Oil has been printing higher highs and higher lows since the plunge to a record low of 6.62, though the uptrend lost shine from June onwards, raising some worries about its sustainability. Meanwhile, Bollinger bands have narrowed significantly, foreshadowing a more volatile session, with momentum indicators currently suggesting that this [..]

Technical Analysis – WTI oil futures support bullish view above 36.00

Posted on June 18, 2020 at 11:10 am GMT

WTI oil futures for July delivery maintain a clear positive structure reflected by the higher highs and the higher lows since late April, with the price printing another higher trough at 34.35 last week. Now it remains to be seen if the outlook can improve beyond the 40.42 peak, which is likely given the recent rebound in the RSI. For that to happen, the 50% Fibonacci of the downleg from 65.61 to 6.62 and the 20-day simple moving average (SMA) [..]

Technical Analysis – WTI oil futures pause sell-off near 14-month low

Posted on March 3, 2020 at 2:11 pm GMT

WTI oil futures for April delivery slipped as low as 43.50 on Monday and near 2018 lows before bouncing up on Monday. With the RSI rising above its 30 oversold mark and the MACD stabilizing below its signal line, the market could follow a sideways path in the coming sessions. Any attempt for improvement could hit a wall within 49.30-50.50 area, where the 20-day simple moving average (SMA) and the descending trendline are currently standing. Should the price overcome that [..]

Technical Analysis – WTI oil futures may retest the bottom as bearish bias holds

Posted on October 9, 2019 at 7:37 am GMT

WTI oil futures for November delivery turned indecisive after failing to pierce the floor around the 23.6% Fibonacci of the downleg from 76.87 to 42.53 last week. The short-term bias,on the other hand, remains negative as the price is trending below its moving averages, the RSI is showing no improvement below its 50 neutral mark, and the MACD keeps strengthening under its red signal line. A breach of the 23.6% Fibonacci of 50.87 could initially stall near 49.40 and then around the [..]

Technical Analysis – WTI oil futures trade overbought at 5-month highs

Posted on April 9, 2019 at 8:30 am GMT

WTI oil futures picked up further steam early on Tuesday to unlock a fresh 5-month high of 64.74. According to the RSI and the Stochastics, the market is trading in overbought zone, suggesting that the price could soon reverse lower. Trend signals, however, are still positive as the bullish action is taking place comfortably above the 200-day simple moving average (SMA), while yesterday’s close above the 61.8% Fibonacci of the downleg from 76.87 to 42.53 is another indication that any weakness may be short-lived. [..]

Technical Analysis – WTI crude oil futures bounce off 1 ½-year lows but still bearish

Posted on December 27, 2018 at 2:23 pm GMT

WTI crude oil futures (for February delivery) jumped by 9% on Wednesday after extending the steep slippery slope to a 1 ½-year low of 42.53. On Thursday, though, the market resumed its bearish mode, with the technical indicators suggesting that there are still some sellers that could hold the market on the downside in the short-term; the MACD consolidates below its red signal line, while the Tenkan-sen line continues to lose ground below the blue Kijun-sen line. The 42.53 bottom could be challenged by the [..]

Technical Analysis – WTI crude oil futures trades below 3-year high; possibility of bearish retracement

Posted on April 17, 2018 at 8:53 am GMT

WTI crude oil futures have been underperforming in the past few hours after the pullback from the more than three-year high of 67.73. When looking at the bigger picture the price has been developing within an ascending move since February 9, retesting several times the diagonal trend line. The technical indicators, in the 4-hour chart, are confirming the bearish correction in price action. After their deep fall, the momentum indicators turned south in the short-term. The RSI indicator is holding slightly below its threshold of [..]

Technical Analysis – WTI oil futures maintain upward pattern; could weaken in short-term

Posted on March 27, 2018 at 2:46 pm GMT

WTI oil futures for May delivery look fairly bullish in the 4-hour chart, continuing to trade inside an ascending channel since the mid of March. Yesterday the market touched a two-month high at 66.52, coming closer to break the three-year peak of 66.63 hit around the end of January. Looking at momentum indicators, the RSI has slowed down further today after touching overbought territory yesterday, signaling that the market could weaken in the near-term. Stochastics have already posted a bearish cross, with [..]

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