WTI oil futures

Technical Analysis – WTI oil futures correct below 65; scope to extend lower

Posted on January 30, 2018 at 3:53 pm GMT

WTI oil futures for March delivery broke below what was thought of as a strong support at the 50-period simple moving average of 64.67 in the 4-hour chart, hinting that further corrections could emerge in the near term. This followed unsuccessful efforts to crawl back to a three-year high of 66.63 reached last week. The market is building negative momentum in the short-term as the RSI is below 50 and is heading lower, while the MACD is well below its signal line in bearish territory and the [..]

Technical Analysis – WTI oil futures make corrective move lower after hitting fresh 3-year high

Posted on January 16, 2018 at 11:33 am GMT

WTI oil futures rallied to a fresh 3-year high of 64.86 on Monday after successfully rebounding off the 63 level. The underlying trend remains bullish but in the near term, prices are making a correction lower. Upside momentum has weakened, and RSI is turning back down on the 4-hour chart. The market has dipped below what was support at the 64 level and any additional losses would shift the focus to the next support level at 63. To the upside, immediate resistance [..]

Technical Analysis – WTI oil futures trading at highest level since over 2 years

Posted on January 2, 2018 at 12:07 pm GMT

WTI oil futures are trading at the highest level since June 2015 after rising consistently and breaking above the key 60 mark. Prices were trading sideways since late November between the 56 and 58 handles and a sudden surge higher on December 26 saw the market reach the key 60 level. This acted as strong resistance for a few sessions until a successful breach to rise to 60.71 earlier today. Consequently, upside momentum faded and prices started falling. The key [..]

Technical Analysis – WTI oil futures in bullish short-term phase after strong rebound from 57 area

Posted on December 12, 2017 at 9:03 am GMT

WTI oil futures are in a bullish phase and flowing back to the upside, having recouped almost all of the losses made from the decline of the early December high at 58.86 to the December 7 low of 55.79. A clear break and daily close above 58.40 would open the way for a re-test of the more than two-year high of 59.02. The near-term bias is clearly on the upside and on the 4-hour chart, the market has crossed above [..]

Technical Analysis – WTI oil futures in bearish phase but maintain medium-term neutral outlook

Posted on December 5, 2017 at 8:53 am GMT

WTI oil futures have unwound almost all of the gains made from the recent rally off the key 57 level. The near-term bias is to the downside and last Friday’s 58.86 high remains unchallenged. Technicals are bearish on the 4-hour chart. The market has dropped below the 20 and 50-period moving averages which are negatively aligned. The RSI has fallen below 50. Prices are expected to grind lower with the next target at the key 57 level. This level has [..]

US Open Preview – Euro bears in charge; European stocks in green; eyes on US PCE inflation index & OPEC meeting

Posted on November 30, 2017 at 12:20 pm GMT

Here are the latest developments in global markets: Forex: The euro dived to a one-week low versus the dollar and approached a one-month low against the pound after flash inflation estimates out of the Eurozone inched below expectations in November, whereas the block’s unemployment rate ticked down, hitting fresh multi-year lows. Pound/dollar was on track to post a third straight green daily candle, while the kiwi was the worst performer amid weakening business sentiment. Stocks: European stocks were posting gains. The STOXX 600 index was 0.57% up, the German Dax [..]

Technical Analysis – WTI oil futures see increased risk to the downside after reversing from key 59 level

Posted on November 28, 2017 at 9:41 am GMT

WTI oil futures are making a corrective move after outperforming in recent weeks. The underlying uptrend is still intact, with prices peaking at 59.02 on November 24 following a recent strong rally off the key 55 level. Looking at the 4-hour chart, the market has come under increased pressure after breaking below the shorter-period moving average (20-MA). The RSI has broken below 50, suggesting that the bearish momentum could push prices lower towards the key 57 level. This is expected [..]

Technical Analysis – WTI oil futures pause rally and shifts to neutral; room for further strength

Posted on November 21, 2017 at 10:50 am GMT

WTI oil futures have been rising steadily and closing above the 200-day moving averages since mid-September. The bullish technical picture was confirmed by the crossover of the 50-day MA above the 200-day MA but the rally lost steam at 57.89 and subsequently, the near-term trend has shifted to neutral. The market is now trapped between the key round figure of 57.00 and the 23.6% Fibonacci retracement level (54.96) of the latest rise from 45.56 to 57.89. These levels will act [..]

Technical Analysis – WTI oil futures consolidate around key 57 level after rally loses steam

Posted on November 14, 2017 at 11:11 am GMT

WTI oil futures have paused after a strong rally from 49.07 to 57.89. The market reached overbought levels on the 4-hour chart, as indicated by RSI rising above 70, and consequently, prices corrected lower and fell below the key 57.00 level. A falling RSI is tilting immediate risk to the downside. A dip in the market would target the 23.6% Fibonacci retracement level (55.81) of the rise from 49.07 to 57.89. If prices can remain above yesterday’s low of 56.28 [..]

Technical Analysis – WTI oil futures hold bearish short-term bias below 50 key level

Posted on October 10, 2017 at 8:31 am GMT

WTI oil futures shifted to a more bearish bias after breaking below the psychological level at 50. The short-term outlook points to further weakness in the market since technical signals are bearish. On the 4-hour chart, both MACD and RSI are in bearish territory. The 20 and 50-period moving averages are negatively aligned and sloping down, while prices are trading below them. The market paused its decline at a key area, just above the 50% Fibonacci retracement level of the [..]

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