All Articles Tagged - WTI

US Open Note – Yen dives sharply as BoJ buys unlimited bonds; oil back below 110

Posted on March 28, 2022 at 12:53 pm GMT

Dollar/yen rises to a fresh 6-year high The Bank of Japan reaffirmed its support for its Yield Curve Control aim; a statement of its dovishness. A record was set by offering limitless 10-year JGB purchases for three consecutive days at the YCC trading band’s upper limit of 0.25%. As of February 14, this was the BOJ’s first action since 2018, which marked the beginning of such purchases. According to the BoJ, the three-day operation was aimed to bolster YCC, and the timetable and amounts might [..]

Technical Analysis – WTI futures hold bullish bias but strong resistance awaits at 261.8% Fibo

Posted on March 24, 2022 at 7:56 am GMT

WTI crude oil futures has gained this week again, and it managed to hold above the 20- and 40-day simple moving averages (SMAs) and re-enter the area above 100.00. The technical indicators are feeding prospects for a possible positive short-term trading session; the RSI holds well above 50, while the MACD continues to strengthen in bullish territory and above its red trigger line. If the price moves higher, it could meet the 261.8% Fibonacci extension level from the down move from 100.00 to [..]

US Open Note – Dollar and US futures look steady; gold shines

Posted on March 8, 2022 at 1:49 pm GMT

Ukraine – Russia tensions; rouble continues the drop Russia-Ukraine peace talks have made no headway, and despite Germany’s resistance to a ban on Russian energy imports, oil futures have fallen from a 14-year high reached on Monday. Analysts expect the supply shock to linger and harm growth in the coming months. A convoy of buses are on their way to Mariupol to evacuate civilians from the southern port, which has been cut off from food, water, electricity, and heat for more [..]

Technical Analysis – WTI futures fly sharply above 115.00; which level is next?

Posted on March 3, 2022 at 7:41 am GMT

WTI futures are surging with strong momentum towards a fresh more than 13-year high near 115.00. The price recorded two consecutive impressive bullish days, sending the technical indicators into overbought regions. The RSI is holding above its 70 level, while the MACD is strengthening its movement above its trigger and zero lines, both suggesting that the strong upward move may soon come to an end. If the price retreats and creates a bearish correction, immediate support levels could come from the 112.00 inside swing [..]

Technical Analysis – WTI futures shows improvement near 99.00

Posted on March 1, 2022 at 9:59 am GMT

WTI crude oil futures are posting notable gains around the 99.00 mark, remaining well above the short-term simple moving averages (SMAs) and the uptrend line. The MACD continues to strengthen to the upside and above its red signal line while the RSI is sloping north in the bullish area, supporting the current view as well. Another step higher may reach a key resistance at 99.00, where the price stopped in the previous sessions. Should this prove a weak obstacle, the [..]

Technical Analysis – WTI futures rallies to fresh highs again near 95.00

Posted on February 22, 2022 at 9:57 am GMT

WTI crude oil futures are surging towards a more-than-seven-year high of 94.90, creating the eighth consecutive green four-hour session. The price rebounded off the short-term ascending trend line with the technical indicators mirroring the aggressive bullish structure. Specifically, the RSI is picking up speed around 70 and the MACD continues to distance itself above its red signal line. Should the price decisively close above the multi-year high, bulls could extend the uptrend towards the next resistance at 98.74, taken from the inside swing low [..]

Technical Analysis – WTI oil futures defend uptrend, but signs of weakness emerge

Posted on February 17, 2022 at 8:56 am GMT

WTI oil futures (March delivery) drifted higher during the early European trading hours on Thursday in an attempt to pare the two-day losing streak which stalled around the 90 level. The market is still in a clear uptrend so far this year, keeping its bullish outlook well intact. But some discouraging signals are becoming evident in the very short-term picture. First, the price closed below the red Tenkan-sen line on Wednesday, which has been supporting the market since the start of January. [..]

US Open Note – FOMC minutes next on the radar; Canada CPI surprises

Posted on February 16, 2022 at 2:05 pm GMT

US retail sales beat estimates; FOMC minutes next on the agenda The minutes of the Federal Reserve’s last meeting are on investor’s radar today and will be looking for details on its plans to reduce its enormous balance sheet and raise interest rates in 2022, as well as its evolving outlook on inflation. At the meeting on January 25-26, policymakers agreed that raising the Fed’s benchmark overnight interest rate from near-zero would be “soon appropriate” and discussed the future of the $9 trillion in securities owned by the central bank. [..]

Technical Analysis – WTI futures erases the latest bullish move to almost 7½-year high in the very short-term

Posted on February 15, 2022 at 2:25 pm GMT

WTI crude oil futures are falling back below the almost seven-and-a-half-year high of 95.78, reaching the 92.00 barrier. If the price retreats beneath the 20-period simple moving average (SMA) the next support could come from the 40-period SMA at 91.32. Immediate support then could come from the medium-term ascending trend line around 90.00. A drop below the diagonal line could shift the market to neutral, meeting the lower surface of the Ichimoku cloud at 89.70 and the 88.80 mark. The [..]

US Open Note – As Russia-Ukraine tensions persist, the dollar strengthens

Posted on February 14, 2022 at 2:02 pm GMT

Ukraine tensions and FOMC minutes in focus; dollar rises As the United States fears that an invasion may be approaching, tensions over Russian forces stationed near Ukraine are entering what might be a pivotal week. The United States is warning of an imminent invasion, while President Vladimir Putin has accused America of failing to satisfy his demands. Russia has denied it is preparing to invade Ukraine, and Chancellor Olaf Scholz of Germany is travelling to Kyiv today, a day before visiting Moscow to calm the issue. This week’s focus is on the [..]

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