WTI crude

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Technical Analysis – WTI oil futures pull back, but still above uptrend line

Posted on September 27, 2019 at 10:51 am GMT

WTI oil retreated in recent days, after it briefly soared to a 4-month high last week. Despite the latest pullback though, the fact that the price is still trading above an uptrend line drawn from the lows of August keeps the short-term outlook cautiously positive. That said, a break below the uptrend line and 55.30 would turn the bias to neutral. Momentum oscillators paint a neutral picture, with the RSI being flat near its 50 level, while the MACD is [..]

Technical Analysis – WTI oil futures recent rally retests the 200-SMA

Posted on August 20, 2019 at 8:48 am GMT

WTI oil futures collapsed back down to the lower boundary of the nearly three-month trading range, registering a seven-month low of 50.51, before the bulls rallied back up to the 200-period simple moving average (SMA) on the four-hour chart. The MACD and the RSI are also indicating some weakness but suggest a positive directional momentum is still in place. They are both in the positive region with the MACD above its red trigger line and the RSI slowly creeping higher [..]

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Technical Analysis – WTI futures price squeezed between the moving averages

Posted on July 30, 2019 at 8:25 am GMT

WTI oil futures have been flirting with the 200-day simple moving average (SMA) but were unable to close above it over the last week after finding support at the 54.80 level. The price seems to be caught between the 20-, 60- and 200-day SMAs in a sideways market that has lasted two-months, with formed candles which show no clear direction. The ADX indicator suggests a trading range is in place, whilst the 20-, 60- and 200-day SMAs have converged showing [..]

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Technical Analysis – WTI futures encounter resistance from both the 50- and 200-SMAs

Posted on July 23, 2019 at 11:50 am GMT

WTI oil futures moved north from five-month lows of 50.58 towards the 61.8% Fibonacci retracement of the down move from 66.57 to 50.58, of 60.47, over the last month. Price tumbled from the 61.8% Fibo and lost steam near its 23.6% Fibo. The 50-, 100- and 200-day simple moving averages (SMAs) in the current sideways move indicate no definite direction as their signals are unclear. The SMAs have neared each other, whilst the MACD has had only a borderline cross [..]

Technical Analysis – WTI futures find resistance at 23.6% Fibo; ‘golden cross’ completed

Posted on July 16, 2019 at 6:58 am GMT

WTI crude oil futures recorded an upside rally last week, but this week the price is on the backfoot after the bounce off the significant barrier of the 23.6% Fibonacci level of the upward wave from 42.50 to 66.60 near 60.90. The technical indicators fail to give clear direction as the MACD is flattening in the positive territory, while the RSI is sloping marginally up. It is worth mentioning that the short-term 20-day simple moving average (SMA) completed a ‘golden [..]

Technical Analysis – WTI futures erase upside rally, holding in Ichimoku cloud

Posted on July 9, 2019 at 8:35 am GMT

WTI crude oil futures have been underperforming over the last couple of days, remaining within the short-term moving averages and the Ichimoku cloud in the 4-hour chart. The RSI and the MACD oscillator are moving sideways near the 50 and the zero lines respectively, suggesting a neutral performance on price action. Should oil price manage to strengthen its positive momentum and jump above the 40-simple moving average (SMA), immediate resistance could come around the 23.6% Fibonacci of the low of [..]

Technical Analysis – WTI futures remain above 50.0% Fibo; MACD signals negative divergence

Posted on July 2, 2019 at 8:37 am GMT

WTI crude oil futures are on course to jump above the 20-simple moving average (SMA) after they found crucial support at the 50.0% Fibonacci retracement level of the downleg from 66.60 to 50.60 near 58.58 over the last sessions. Having a look at the technical indicators, the MACD oscillator is creating a bearish divergence as it is slipping at the same time that prices are moving higher in the 4-hour chart, suggesting a possible negative correction soon. However, the RSI [..]

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Technical Analysis – WTI futures hover in narrow range; flat in short term

Posted on June 25, 2019 at 12:53 pm GMT

WTI oil futures for August delivery are moving sideways below the 50.0% Fibonacci mark of the 66.60 – 50.60 downleg near 58.58 but hover above the 20-period simple moving average (SMA) in the 4-hour chart. The RSI and the MACD are losing steam as both are falling in the positive area. If the market proves overbought, the price could reverse south to retest the 38.2% Fibonacci of 56.70. Lower, the 40-period SMA would be the next target around 55.30 before [..]

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Technical Analysis – WTI futures lack clear direction in short-term; medium-term downtrend intact

Posted on June 11, 2019 at 9:14 am GMT

WTI crude oil futures are rising above the bullish cross within the 20- and 40-simple moving averages (SMAs) but are still hovering below the Ichimoku cloud in the 4-hour chart. The downside momentum appears to have run out of steam as the stochastic oscillator is returning higher while the RSI is trying to gain ground above the neutral threshold of 50. Should oil prices manage to strengthen the slightly bullish retracement the next resistance could come around the 23.6% Fibonacci [..]

Technical Analysis – WTI futures hovers above 4-month low; bearish bias may run out of steam

Posted on June 4, 2019 at 7:05 am GMT

WTI crude oil futures declined considerably towards a fresh four-month low of 52.11 on Monday, erasing the medium-term ascending movement in the daily chart. However, the downside momentum appears to have run out of steam as prices have been attempting and failing to close below the 61.8% Fibonacci retracement level of the upleg from 42.50 to 66.60 near 51.74. The stochastic oscillator is returning higher in the oversold zone, while the RSI is trying to gain ground below the 30 [..]

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