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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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Technical Analysis – WTI futures signal for more bullish actions; post 9-month high

Posted on December 17, 2020 at 7:44 am GMT

WTI crude oil futures stretched their seven-week rally to a nine-month high of 48.41 earlier today, remaining well above the short-term simple moving averages (SMAs). The MACD seems to be gaining momentum above its trigger line, the RSI is still hovering around its 70 overbought mark and the red Tenkan-sen is pointing up well above the blue Kijun-sen, all signaling a positive trading in the near term. Should the bullish bias extend above the nine-month high of 48.41, resistance to upside movements could be initially detected from the 48.80 barrier. [..]

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Technical Analysis – WTI futures retreat slightly below ascending line; bias bullish

Posted on December 8, 2020 at 9:27 am GMT

WTI crude oil futures pulled below the nine-month high of 46.67 and slightly under the short-term rising trend line in the 4-hour chart. The MACD oscillator is holding beneath its trigger line in the positive region, while the RSI indicator is flattening near its neutral threshold of 50. In trend indicators, the 20-period simple moving average (SMA) seems to be capping upside movements, favoring additional losses in the near term. If the bears take control, immediate support could come from the 40-period SMA near the 45.26 barrier. Beneath [..]

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Technical Analysis – WTI futures hovers around almost 9-month peak

Posted on December 3, 2020 at 7:49 am GMT

WTI crude oil futures found some footing around the 34.00 level last month and returned to a bullish trend shortly thereafter. The price is currently hovering around the almost nine-month high of 46.22 and a former restrictive area, where any decisive close higher may prove valuable to the market. The RSI indicator is approaching the overbought territory, while the MACD is strengthening its bullish move above its trigger and zero lines, suggesting more gains. A jump above the 46.22 resistance may meet immediate resistance [..]

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Oil rides vaccine euphoria higher, will OPEC help? – Special Report

Posted on November 25, 2020 at 4:33 pm GMT

Crude oil staged a heroic rally lately, with the vaccine news acting as jet fuel for prices. Investors are finally pricing in a brighter outlook for demand next year, but that is only half of the equation. The other half is what the supply side will look like, so crude’s fate now lies in OPEC’s hands, which will meet on Monday to decide whether to extend its production cuts. A three-month extension seems fully priced in by now, so if [..]

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Technical Analysis – WTI futures rise slightly in the very short term

Posted on October 27, 2020 at 7:56 am GMT

WTI crude oil futures reverse slightly higher following the bounce off 38.25 and paring some of the previous sessions’ losses. The commodity finds resistance at the red Tenkan-sen line at the same time that the technical indicators are heading north. The RSI is edging higher in the negative territory, while the stochastic is approaching the overbought zone.    In the wake of more positive pressures, the market could meet resistance at the 20- and 200-period simple moving averages (SMAs) at [..]

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Technical Analysis – WTI futures plunge to new 2-month low

Posted on September 8, 2020 at 9:13 am GMT

Since its deep fall towards a two-month low of 38.15 earlier today, WTI crude oil futures have been trading within a descending movement after the pullback from 43.77. The technical picture supports a bearish structure in the short-term timeframe.   Looking at momentum indicators, the RSI is holding in the oversold zone with weak momentum, while the stochastic oscillator posted a bearish crossover within its %K and %D lines and is moving lower towards the 20 line. In the wake [..]

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Technical Analysis – WTI oil futures heal after slump, trend signals turn reddish

Posted on September 4, 2020 at 10:38 am GMT

WTI oil futures for October delivery are healing after crashing below the 200-period simple moving average (SMA) on the four-hour chart and to a one-month low of 40.21 on Thursday. While the fast Stochastics have yet to enter the overbought territory, suggesting that there is some room for improvement in the near-term, the 20- and the 200-period SMAs have just completed a bearish cross for the first time since January, giving a negative warning about the strength of the market’s upward pattern. [..]

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Technical Analysis – WTI futures develop with weak momentum near 5-month high

Posted on August 20, 2020 at 7:16 am GMT

WTI crude oil is moving sideways in the short-term, in a slightly bullish structure beneath the five-month high of 43.52. The 20- and 40-day simple moving averages (SMAs) are acting as strong support for the bears; however, the MACD oscillator is indicating a negative divergence in the market, signaling a possible bearish retracement. A successful climb above the five-month high of 43.52 could challenge the 48.80 resistance, registered on March 3. Even higher, the 54.62 barrier taken from the peak [..]

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Technical Analysis – WTI crude oil find immediate obstacle at 42.90

Posted on August 18, 2020 at 12:46 pm GMT

WTI crude oil futures have found significant resistance at the 42.90 barrier over the last couple of weeks. The technical indicators are showing mixed signals as the RSI is pointing slightly down, while the MACD completed a bullish crossover with its trigger line above the zero line. The Ichimoku lines and the moving averages are still signaling a somewhat upside tendency in the 4-hour chart. In the wake of positive pressures, the market could meet resistance at the five-month high [..]

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