Tuesday, December 18, 2018
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Technical Analysis – WTI oil futures bullish in the long-term

Oil Oct18 11/09/18 | EconAlerts


WTI oil futures trades sideways in the near-term; bullish mode in the long-term.

West Texas Intermediate (WTI) crude oil futures have been moving sideways since the bounce off the 68.50 resistance level, which overlaps with the 38.2% Fibonacci retracement level of the down-leg from 75.24 to 64.40. In the short-term, the RSI indicator is pointing upwards in the negative zone, while the blue %K line of the stochastic oscillator posted a bullish cross with the red %D line, signaling upside tendency in the 4-hour chart.

An extension to the upside and above the 68.50 resistance area could meet the 40-simple moving average (SMA) in the near term at 68.80. Further up, resistance could be found at 69.50, which is marginally below the 50.0% Fibonacci of 69.80. More advances could drive the oil until the 61.8% Fibonacci of 71.10.

If the price weakens and slips below 66.95, it could touch again the long-term ascending trendline near 66.00. Even lower, the 65.70 support level could attract greater attention as any leg below the diagonal line could create a bearish outlook, opening the way towards the 64.40 level.

To summarise, WTI crude looks neutral in short-term, while in the long-term picture is seen bullish since June 2016.

Oil Oct18 11/09/18 | EconAlerts

 



 

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Disclaimer:
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.


Source: XM

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