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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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Technical Analysis – WTI futures rises near 19-week high

Posted on July 22, 2020 at 12:18 pm GMT

WTI futures are advancing towards a fresh 19-week high of 42.27 today, experiencing a new bullish rally after the neutral mode of the previous sessions. The RSI is extending its upside move towards the overbought territory, while the MACD is strengthening its upside momentum above its trigger and zero line in the 4-hour chart. If prices continue to head higher, resistance should come from the 43.60 level, taken from the inside swing low on March 2 ahead of the 200-period [..]

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Technical Analysis – WTI futures double bottom pattern completed to the upside; bullish bias

Posted on May 5, 2020 at 7:02 am GMT

WTI crude oil futures have advanced considerably over the last five days, finding a top today near the 200-period simple moving average (SMA) after the completion of a double bottom pattern in the 4-hour chart. Also, the commodity is creating a new two-week high near 22.24 and the bullish action is confirmed from the bullish crossover within the 20- and 40-period SMAs. From the technical viewpoint, the RSI indicator is approaching the 70 level with weak momentum, while the stochastic [..]

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Oil drowns in a flood of supply, no lifejacket for now – Special Report

Posted on April 24, 2020 at 12:46 pm GMT

Oil prices traded negative for the first time ever this week, as physical space to store the liquid has almost run out amidst an oversupply of epic proportions. In the near term, there’s little that can save oil prices, and we might even see a repeat of the oil-crash movie in mid-May as storage space runs out entirely. That said, if and when storage room runs out, that could also be the point of ‘peak oversupply’ and perhaps the bottom [..]

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Daily Market Comment – Drug disappointment burns stocks; Euro crumbles

Posted on April 24, 2020 at 9:06 am GMT

Equities turn red after would-be miracle drug Remdesivir fails clinical trial Euro dives as EU drags feet on recovery fund, disagrees on debt sharing Yen pares gains on reports BoJ will ramp up stimulus next week Oil extends bounce, but rebound likely fragile  Virus-drug disappointment bites stocks A rally in global stock markets faltered yesterday, with the S&P 500 giving up early gains to close practically flat and futures pointing to more pain on Wall Street today, following headlines that [..]

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Daily Market Comment – Trump threatens war with Iran, lifts oil

Posted on April 23, 2020 at 9:02 am GMT

Trump turns up the aggression with Iran, oil likes it But unlikely that this is a sustainable rebound Euro suffers after terrifying PMIs, awaits EU leaders meeting Stocks recover, yet safe havens thrive too Oil prices recover as Trump rattles sabers with Iran All the troubles in the oil market were magically resolved by a single tweet from the US President yesterday, who said that he instructed the US Navy to destroy any Iranian gunboats harassing American ships at sea. [..]

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Daily Market Comment – Oil carnage spreads to stocks

Posted on April 22, 2020 at 9:22 am GMT

Oil price collapse continues, sending shivers through stock markets Trump signals bailouts for US producers, but paradoxically, that could worsen oil’s plunge Dollar pares gains after Trump’s bailout talk, pound softens on Brexit comments Euro in focus as investors flee Italian bonds before tomorrow’s EU summit Trump hints at bailouts as oil crumbles Energy markets can’t catch a break, with Brent following WTI lower this time to touch a low last seen during the Gulf war, as the devastation in [..]

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