All Articles Tagged - WTI

Technical Analysis – WTI futures push higher within a ranging market

Posted on April 13, 2021 at 3:19 pm GMT

WTI oil futures have nudged back above the 60.00 mark, overstepping the Ichimoku cloud and the 100-period simple moving average (SMA) on the four-hour chart at 60.03. The commodity’s price action remains confined between the limits of 57.25 and 62.24. The bearish demeanour within the 100- and 50-period SMAs seems to have subsided considerably, and they are now promoting a more neutral price picture. The static Ichimoku lines are not conveying any clear directional momentum in the commodity, while the [..]

US Open Note – Stocks consolidate at highs, gold adopts negative trajectory

Posted on April 13, 2021 at 12:25 pm GMT

Stocks composed and dollar strengthens heading for US inflation data Stocks are suspended around their highs as market jitters are apparent as we near the release of the upcoming US inflation figures. Treasury yields and inflation remain some of the key drivers for market sentiment and in diagnosing the recovery pace. Improving yields and their bolstering effect on the greenback could be enhanced should the US Consumer Price Index (CPI) for March – due to be released at 13:30 GMT [..]

Technical Analysis – WTI futures creep sideways but possess upside potential

Posted on April 8, 2021 at 1:36 pm GMT

WTI oil futures have moulded a strong base from 57.25 to 58.10 and are consolidating around the 60.06 mark, which happens to be the 23.6% Fibonacci retracement of the up leg from 34.02 until 67.96. The commodity’s price action is currently confined between the 57.25 and 63.13 limits. However, the advancing simple moving averages (SMAs) are nourishing the broader bullish structure, while the Ichimoku lines are suggesting an evaporation of directional impetus. The short-term oscillators are demonstrating an environment of [..]

US Open Note – Stocks stabilize and dollar on back foot ahead of FOMC minutes

Posted on April 7, 2021 at 1:49 pm GMT

Stocks hover at highs, dollar slips as yields ease, oil ranges A subdued risk tone is emanating in markets as stocks are holding around their highs but the dollar’s latest weakness seems may continue for a while longer, as 10-year yields (1.65%) provide mild downside pressure. The greenback’s broader feebleness has dipped the dollar index below the Asian session’s low of 92.23 and it appears to be eyeing the 92.00 handle, while this propelled the euro to 1.1880 per dollar. [..]

Technical Analysis – WTI futures range-bound but bearish tone threatens outlook

Posted on April 5, 2021 at 3:33 pm GMT

WTI oil futures are currently tackling the direct support zone of 58.86-59.58 on the four-hour chart, although remain within a ranging market between the confines of 57.25 and 62.24. The 50-period simple moving average’s (SMA) bearish incline has waned slightly and is promoting the sideways market, while the falling 100-period SMA, which has recently completed a bearish crossover of the 200-period SMA, is feeding the negative picture. The Ichimoku lines are demonstrating a lack of directional impetus, backing the neutral [..]

Technical Analysis – WTI futures decline in a neutral phase in near term

Posted on March 30, 2021 at 12:52 pm GMT

WTI futures are posting negative days in the last three sessions, touching the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart. The momentum indicators are signaling further decreases as the RSI is pointing downwards, flirting with the neutral-threshold of 50, while the MACD is losing ground in the positive region. Immediate support for the bears could be faced from the 23.6% Fibonacci retracement level of the down leg from 68.00 to 57.38 at 59.85. Underneath the latter, [..]

Technical Analysis – WTI futures head up towards 13-month high

Posted on March 4, 2021 at 7:56 am GMT

WTI oil futures with delivery in April keep climbing steadily, extending above the 60.00 psychological level. The price rebounded off the 20-day simple moving average (SMA) and is heading again towards the 13-month peak of 63.88. The Ichimoku lines are flattening, while the climbing simple moving averages (SMAs) are defending the bullish structure. The RSI is further validating improvements in the price, however, the MACD is losing ground below its trigger line in the positive region. If buying interest increases, the first tough [..]

Technical Analysis – WTI futures dive below 60.00, creating bearish correction

Posted on February 16, 2021 at 2:05 pm GMT

WTI crude oil futures are declining after the pullback off the 13-month high of 60.94, heading towards the 20- and 40-period simple moving averages (SMAs). The RSI is edging lower in the positive area, while the MACD is extending its downward movement beneath the trigger line. In trend indicators, the Ichimoku lines are suggesting negative movements as the red Tenkan-sen line is standing above the current market price. More losses are sending the market towards the 20-period simple moving average [..]

Technical Analysis – WTI futures posts bearish doji after 1-year high

Posted on February 11, 2021 at 7:40 am GMT

WTI crude oil futures created a fresh, more than one-year high at 58.88 during yesterday’s session, posting a bearish doji candle which indicates a possible downside correction in the near-term. The technical indicators are confirming a likely bearish move as the RSI is standing in the overbought zone, with a flattening move, while the MACD holds above the trigger line in the positive region. However, the 20- and 40-day simple moving averages (SMAs) are continuing the upside price action, while the Ichimoku lines [..]

Technical Analysis – WTI futures remain close to 11-month high; indicators look weak

Posted on January 21, 2021 at 8:29 am GMT

WTI crude oil futures are continuing the long-term buying interest, reaching in the previous sessions an eleven-month high of 53.94. However, the upside momentum is a bit weak as the MACD is falling beneath its trigger line in the positive area, while the RSI is flattening below the overbought zone. Both are suggesting a possible downside retracement. If the market moves higher, the bullish action may pause initially near the 57.40-59.64 zone before attention shifts to the 65.61 resistance, taken from [..]

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