All Articles Tagged - WTI

Quick Brief – Oil prices continue to dive after OPEC+ monthly report

Posted on September 10, 2024 at 1:48 pm GMT

OPEC+ anticipates increase of only 2.03 million bpd in 2024 WTI crude oil remains in strong bearish tendency Oil prices have fallen sharply since the start of September, with OPEC+ announcing today a second consecutive downward adjustment to its global oil demand growth projection for 2024. The revised projection anticipates an increase of 2.03 million barrels per day (bpd), lower than the previous estimate of 2.11 million bpd. In addition, the projection for 2025 has been reduced from 1.78 million barrels per day to 1.74 [..]

Technical Analysis – WTI crude oil hovers beneath 200-day SMA

Posted on August 2, 2024 at 8:37 am GMT

WTI trades within symmetrical triangle 20- and 50-day SMAs are ready for bearish cross WTI crude oil is moving back and forth from the 200-day simple moving average (SMA), with a strong resistance area near the potential bearish crossover between the 20- and 50-day SMAs. The price is developing within a symmetrical triangle in the medium-term timeframe, with no clear directional movement for now. According to technical oscillators, the RSI is sloping slightly up beneath the neutral threshold of 50, while [..]

Technical Analysis – WTI crude oil opens the way for bearish actions

Posted on May 24, 2024 at 7:15 am GMT

WTI drops below diagonal line 20- and 200-day SMAs post death cross RSI flattens and Stochastics hold in oversold region WTI crude oil with delivery in July is plummeting from the 80.00 level, which is acting as a strong resistance obstacle as well as the 200-day simple moving average (SMA). The commodity slipped beneath the medium-term ascending trend line, suggesting more declines in the market. To attract new buyers, the bulls will have to surpass the nearby resistance of the uptrend [..]

Midweek Technical Look – EURUSD, US 500, WTI

Posted on April 18, 2024 at 9:54 am GMT

EURUSD rebounds off 5-month low near 1.0600; remains beneath symmetrical triangle US 500 index plummets to 2-month low, creating bearish correction WTI crude oil dives for the sixth consecutive day [..]

Technical Analysis – WTI oil futures fight with 80.80 bar

Posted on March 14, 2024 at 8:35 am GMT

WTI crude rebounds off 200-day SMA Remains in an uptrend in the short-term WTI oil futures are finding a strong support level near the 200-day simple moving average (SMA) at 78.00 and are also struggling to jump beyond the 80.80 resistance. The price has been in an uptrend since mid-December with the technical oscillators suggesting a neutral to bullish bias. The RSI is pointing north above the 50 territory, while the MACD is moving sideways below its trigger line and above the zero level. If the market [..]

Weekly Technical Outlook – WTI, USDJPY, EURUSD

Posted on November 27, 2023 at 9:21 am GMT

OPEC+ meeting expected to cut production; WTI crude oil remains in the red US Core PCE index to soften; USDJPY fails to climb higher Eurozone flash inflation to tick lower; EURUSD holds near previous 3-month high OPEC meeting –>WTI The OPEC meeting was scheduled for November 26th but has been postponed to this Thursday. This suggests deepening alliance disagreements over whether to curtail production, according to investors. Saudi Arabia, which wants to keep prices from falling, will likely reach a [..]

Technical Analysis – WTI crude oil dips further from 200-day SMA

Posted on April 27, 2023 at 6:57 am GMT

WTI crude oil futures have been underperforming over the last couple of weeks after the pullback off the 83.46 resistance and the 200-day simple moving average (SMA). The market recouped the bullish gap posted on April 3 and the selling interest continues, something confirmed by the technical oscillators. The MACD is easing beneath its trigger line, while the stochastic is diving towards the oversold territory. Immediate support to further losses could come from the 71.66 inside swing high from March 23 ahead of the crucial lines [..]

Daily Market Comment – Banking turmoil keeps sentiment fragile; investors want the Fed to pivot

Posted on March 20, 2023 at 8:53 am GMT

Banking fears persist despite contingency plans Yen gains as equities and bond yields slide Fed is seen pausing and initiating rate cuts Gold skyrockets above $2,000, oil falls to 15-month low Flight to safety continues on banking contagion fears The US dollar underperformed against all the other major currencies on Friday, with the safe-haven yen taking the most advantage of its weakness. Although the dollar rebounded somewhat today, it remains on the back foot against its Japanese peer. Despite the [..]

Technical Analysis – WTI futures lose ground below short-term SMAs

Posted on March 9, 2023 at 9:49 am GMT

WTI crude oil futures are easing beneath the 20- and 50-day simple moving averages (SMAs), which are acting as a mid-level of the medium-term consolidation area of 72.70-82.65. The RSI is moving slightly lower below the neutral threshold of 50, while the MACD is losing momentum near its trigger and zero lines. The market seems to be well supported by the lower boundary of the range at 72.70 and therefore only a decisively close below it would put traders in a [..]

Technical Analysis – WTI oil futures trade within a bearish rectangle

Posted on February 16, 2023 at 8:45 am GMT

WTI oil futures have been trading within a rectangle since their downtrend stalled at a one-year low of 71.75 in December, unable to make any headway either way. Although the floor around 73.35 is creating speculation that sellers are losing power, there is barely any convincing sign that the market is transitioning from a downtrend to an uptrend. The price has yet to mark a new higher high above the tough ceiling around 83.00, which coincides with the 38.2% Fibonacci [..]

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