All Articles Tagged - WTI

Technical Analysis – WTI futures maintain bearish bias below downtrend line

Posted on January 19, 2023 at 8:04 am GMT

WTI crude oil futures are easing near the short-term simple moving averages (SMAs), which are ready to post a bullish crossover. The broader outlook is still bearish as the price remains beneath the long-term descending trend line. Technically, the stochastic oscillator is heading south after the pullback from the overbought region, while the RSI is moving lower, approaching the neutral threshold of 50. Both are indicating more bearish actions in the near term timeframe. If the market dives beneath the [..]

Technical Analysis – WTI futures head north after one-year low

Posted on December 15, 2022 at 8:39 am GMT

WTI crude oil futures have found a strong support level at the one-year low of 70.15, sending the price higher towards the 20-day simple moving average (SMA). The price remains well below the medium-term descending trend line with the technical indicators suggesting some contradicting signs. The MACD is standing above its trigger line in the positive region, while the stochastic is advancing in the overbought region. However, the RSI is ticking marginally down near the neutral threshold of 50, confirming today’s bearish start. In [..]

Technical Analysis – WTI crude oil slips towards 10-month low

Posted on November 24, 2022 at 8:18 am GMT

WTI crude oil futures are heading south with the next major support coming from the ten-month low of 75.28. The 20- and 50-day simple moving averages (SMAs) are ready for a bearish crossover, indicating more losses, while the price is still developing well below the downtrend line. The descending move in the RSI and the slowdown in the stochastic justify the selling pressure, as both remain near their negative thresholds, keeping the short-term risk skewed to the downside. The MACD is [..]

Technical Analysis – WTI oil futures hold above 81.00, but broader trend stays bearish

Posted on September 22, 2022 at 2:05 pm GMT

WTI oil futures traded higher on Thursday, after hitting support near 82.35. The black liquid continues to hold above the key barrier of 81.00, but the bigger picture still points to a downtrend. WTI continues to trade below the downside line drawn from the high of June 14, as well as below the prior longer-term upside line taken from the low of April 19, 2020. That said, the daily oscillators suggest that some further recovery may be on the cards [..]

Technical Analysis – WTI futures retest 20-day SMA in a descending move

Posted on September 15, 2022 at 6:51 am GMT

WTI futures rebounded off the eight-month low of 81.20 and reached the 20-day simple moving average (SMA) at 89.50. The technical oscillators are showing some contradicting signs. The MACD is surpassing its trigger line suggesting more gains; however, the stochastic is appearing overbought as it is ready to post a bearish crossover within its %K and %D lines. Should the commodity manage to strengthen its positive momentum, the next resistance could come around 90.60. A break above this level could take [..]

Technical Analysis – WTI futures pull back from 200-day SMA; neutral bias

Posted on September 1, 2022 at 8:20 am GMT

WTI crude oil futures completed two consecutive red days falling below the 200-day simple moving average (SMA) and the short-term SMAs. Over the last month, the commodity has been neutral as it failed to surpass the 97.82 resistance level and also failed to post a lower low. Technically, the MACD oscillator is standing above its trigger line in the negative region, while the stochastic is moving towards the oversold territory with strong momentum. A move lower may meet immediate support [..]

Technical Analysis – WTI futures jump higher, surpassing 200-day SMA

Posted on August 25, 2022 at 6:45 am GMT

WTI crude oil futures made a notable attempt to surpass the medium-term descending channel and the bearish crossover within the 40- and the 200-day simple moving averages (SMAs). Currently, the momentum is weak but if the price remains above those crucial lines, the bullish structure may be confirmed. Technically, the MACD oscillator is rising in the negative region, holding above its trigger line; however, the stochastic oscillator is turning lower above the 80 level, suggesting an overbought market. A move [..]

Technical Analysis – WTI futures fail to boost selling interest below 200-day SMA

Posted on July 14, 2022 at 7:01 am GMT

WTI crude oil futures found a strong obstacle at the 200-day simple moving average (SMA), failing to continue the selling interest to the downside after the fall beneath the 100.00 level. The downside reversal in the RSI and the slowdown in the Stochastics justify the diminishing buying pressure, and both currently remain in the negative thresholds keeping the short-term risk skewed to the downside. The MACD is also comfortably within the bearish territory and is losing some steam below its red signal line losing some steam, while [..]

Daily Market Comment – Wall Street bounces back but recession fears return to haunt markets

Posted on June 22, 2022 at 8:58 am GMT

US stocks join global stock rebound but rally fizzles out already Recession fears intensify again ahead of Powell testimony Oil sinks as White House gets serious about lowering gasoline prices Dollar firmer, euro and pound find some support as aussie and kiwi sink Risk appetite fades amid renewed growth jitters Worries about soaring inflation and stalling growth were weighing on the market mood again on Wednesday as an increasing number of investors, including high-profile names such as Elon Musk, upped [..]

Technical Analysis – WTI futures capped by 20-day SMA but remains in ascending move

Posted on June 16, 2022 at 6:47 am GMT

WTI crude oil futures are declining below the 20-day simple moving average (SMA) after the pull back from the 123.50 resistance level. The price has been developing within an uptrend line over the last two months while the technical indicators are mirroring the latest descending move. The RSI indicator is moving sideways near the neutral threshold of 50, and the MACD is falling below its trigger line. More downside pressures may meet immediate support around the 111.10 barrier, which overlaps with [..]

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