All Articles Tagged - WTI

Technical Analysis – WTI futures struggle to surpass 200-period SMA

Posted on July 27, 2021 at 12:50 pm GMT

WTI crude oil futures are moving sideways, finding strong resistance at the 200-period simple moving average (SMA) and support at the 20-period SMA. The RSI indicator is falling in the positive region, while the MACD is losing momentum in the bullish region. Both are suggesting that a potential downside pullback may be on the cards in the next sessions. A successful attempt below the short-term SMA could send the price towards the 70.60 support and the upper surface of the [..]

US Open Note – Calm day ahead of busy week; US futures are flat

Posted on July 26, 2021 at 12:58 pm GMT

Quiet day ahead of Fed meeting this week The US dollar has a negative momentum ahead of the FOMC meeting this current week. US 10-year treasury yields declined to a record low of 1.13% before recovering to 1.20 driving the dollar index down to 92.70. Dollar/yen is holding near 110.30 and is currently red, while US futures are neutral. The Fed meeting will focus on the concerns about the economy and the expectation is to tread carefully on the path [..]

US Open Note – Dollar rises further after retail sales; kiwi is notably up

Posted on July 16, 2021 at 1:02 pm GMT

Dollar continues to gain momentum as retail sales rise The US dollar is attempting to move higher against a basket of major currencies with US stock futures recovering some of yesterday’s losses. Dollar/yen is advancing above the 110.00 round number, surpassing the 40-day simple moving average (SMA) as retail sales for June gained 0.6% from the previous month, following a revised 1.7% drop in May and significantly outperforming market estimates of a 0.4% drop. Also, the Bank of Japan did not make any policy [..]

Technical Analysis – WTI futures advancing above SMAs; indicators suggest bullish bias

Posted on July 13, 2021 at 12:08 pm GMT

WTI crude oil futures found strong support at the 73.16 support, which overlaps with the 20-period simple moving average (SMA). The price is trying to recoup some previous losses with the MACD gaining some ground above its trigger and zero lines. Also, the RSI is pointing slightly up above the 50 level. If the price continues the upside move, the next target could come from the 74.90 barrier before meeting the six-and-a-half-month high of 76.96. In the negative scenario, a [..]

Technical Analysis – WTI futures form red days after the jump to 6½-year high

Posted on July 8, 2021 at 6:43 am GMT

WTI crude oil futures have plummeted below the six-and-a-half-year high of 76.96 over the last couple of sessions, taking the market beneath the short-term 20-day simple moving average (SMA). However, the commodity remains above the long-term rising trend line, indicating that the broader picture is still positive. Looking at the technical indicators, the MACD oscillator has dived beneath its trigger line in the positive region, while the RSI is approaching the 50 level with strong momentum. The Ichimoku lines are [..]

Technical Analysis – WTI futures ease after surging to 6½-year peak near 77.0

Posted on July 6, 2021 at 1:01 pm GMT

WTI crude oil futures surged to its highest level since November 2014 around 77.00 before returning all of today’s gains. The steep rising trend line is holding well as the price has been continuing the aggressive buying interest since May 21 in the medium-term. Looking at the technical indicators, the MACD is losing some momentum, crossing below its trigger line in the positive area, while the RSI is edging lower from the overbought territory. Should selling forces strengthen, the 74.43 support, which overlaps with the [..]

Technical Analysis – WTI futures fly to new 33-month high above 75.00

Posted on July 1, 2021 at 12:07 pm GMT

WTI futures have been in a positive mode in recent days, reaching a new 33-month high of 75.43. The price is currently trading above the support line drawn from the April 2020 low, and the outlook remains cautiously hopeful. If the bulls continue to buy the commodity, the 76.87 level, being the high from September 2018 could attract attention. Steeper increases could take the market until 84.00, registered in November 2012. The daily oscillators show some signals that the recent [..]

What does the OPEC meeting mean for oil? – Special Report

Posted on June 30, 2021 at 3:10 pm GMT

It’s a huge week for energy markets, with an OPEC+ meeting on Thursday that could determine whether oil prices keep rallying or cool off. The market reaction will depend on the size of any production increase. In the big picture, it’s becoming harder to envision any massive gains from here, as more supply comes back online and demand gets hit from the raging Delta variant. Careful approach The world’s largest oil cartel has played its cards very carefully this year. [..]

Technical Analysis – WTI futures plunges beneath ascending line near 72.00

Posted on June 29, 2021 at 9:26 am GMT

WTI crude oil futures are falling further, continuing the selling interest from the 32-month high of 74.43. The RSI is now trending south in the negative zone, while the MACD is losing ground below its trigger and zero lines. A sell-off might drive the bears all the way towards the 70.75 level ahead of the 69.80 barrier. Underneath this line, the 200-period simple moving average (SMA) at 68.73 could halt bearish actions before testing the 68.25 level. Immediate resistance would [..]

Technical Analysis – WTI crude oil futures ease in ascending move in near term

Posted on June 15, 2021 at 8:47 am GMT

WTI crude oil futures have moved back and forth above the 20-period simple moving average (SMA) and the 32-month peak of 71.73 since their severe jump from 61.54. The technical picture is muddled, as the RSI lacks direction, holding in the positive region, but the MACD indicates that the short-term decline would likely continue as it fell below its trigger line. If negative forces persist, the market may find support at the 70.60 level before falling to the 40-period SMA [..]

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