WTI oil futures

Technical Analysis – WTI oil futures turn neutral after rally ends near 5-month high

Posted on September 26, 2017 at 9:06 am GMT

WTI oil futures turned sharply bullish in the short term after surging from the 50-handle to hit a high of 52.40, a level not seen since April 19. The upward trajectory lost steam and the market is now capped at this 5-month high. The broader trend is bullish ever since prices bounced off the 47 area on September 11. The market entered a consolidation phase on September 15 and traded in a range between 49.65 and 51.09 until the break out [..]

Technical Analysis – WTI oil futures turn neutral after rally ends near 6-month high

Posted on September 26, 2017 at 9:02 am GMT

Technical Analysis – WTI oil futures consolidate after bounce above 47

Posted on September 5, 2017 at 8:29 am GMT

WTI oil futures are in a consolidation phase in the short-term and are pivoting around the key 47.00 level following a bounce at the end of August which ran out of steam. The market is finding strong support at 47.00 which is where the 50-period moving average is converging. The 20-period MA is currently rising and if it crosses above the 50-period MA this would bring on a more bullish bias in the market. Since momentum oscillators are in bullish [..]

Technical Analysis – WTI oil futures consolidate above $45; bullish bias returns

Posted on July 14, 2017 at 9:09 am GMT

WTI oil futures have broken the downtrend they started building on July 4, as they recently could not post a lower low below 43.66, flashing a potential trend reversal to the upside. Oil is currently consolidating above the key level of 45 per barrel and several indicators are giving an additional bullish signal. In the near-term, technical indicators argue for an upside bias, as both the RSI and the MACD fluctuate in a bullish area. However, the RSI, as well as the [..]

Technical Analysis- WTI oil futures bearish in a descending channel

Posted on July 11, 2017 at 3:26 pm GMT

WTI oil futures have recorded a downtrend after touching a one-month high of 47.29 on July 4, with prices falling in a descending channel. In addition, according to the technical indicators, the bias has turned bearish. Looking at the RSI, the short-term picture is bearish, as the indicator has dropped below 50 after breaking into overbought territory on June 30. The MACD also highlights the extension of the downside momentum, moving into negative area, while the price itself gives extra [..]

Technical Analysis – WTI oil futures remain on uptrend despite strong resistance around 52.00

Posted on December 8, 2016 at 1:46 pm GMT

WTI oil futures are looking bullish again in the near term following last week’s sharp gains. The MACD is back in positive territory and above the red signal line. Prices are also above the Ichimoku cloud and the moving averages, underlining the bullish picture. However, although prices reached a 17-month high of 52.38 on Monday, it is the third time since June that oil futures have met stiff resistance in the 51.50-52.50 zone. A sustained rise above 52.50 is needed [..]

Asian Session – Dollar steadier but struggles to hold on to 101 yen

Posted on August 3, 2016 at 8:04 am GMT

The US dollar stabilized in Asian trading on Wednesday following another steep fall yesterday on growing doubts about the prospect of further rate increases by the Fed this year. The greenback hit a 3-week low of 100.67 yen yesterday but managed to rebound above the 101 level in today’s Asian session. The euro and the pound were also stuck near 3-week lows against the yen at 113.40 and 134.65 respectively. The Japanese currency continued to face upside pressure today due [..]

Technical Analysis – WTI oil futures turn bearish below 50-DMA

Posted on July 14, 2016 at 9:16 am GMT

WTI oil futures continue to face downwards pressure today despite some upside moves during the day. RSI is flat below 50, while the MACD is trending down in negative territory. The near-term bias is therefore bearish as the futures go into a corrective phase following a strong rally in the first half of the year. Prices found support at 44.50 yesterday and this remains the immediate support level. A drop below this level would take prices towards the 38.2% Fibonacci level of [..]

Technical Analysis – WTI oil futures struggle to hold onto 50-day moving average

Posted on June 28, 2016 at 10:27 am GMT

WTI oil futures closed below the 50-day moving average on Monday for the first time since February but managed to recover above it in European trading today. The 50-day moving average has been broadly following oil’s upward trend path since March and the drop below it suggests a weakening of the bullish bias. RSI falling below 50 is another indication of the current weakened momentum. Prices found support yesterday just below the 23.6% Fibonacci retracement level of the January-June upleg [..]

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