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WTI oil futures unlock fresh tops in an overbought area. WTI oil futures extended their bullish momentum above the 66 level and towards fresh six-month highs on Tuesday. While the RSI has re-entered the overbought territory, the Stochastics have yet to post a bearish cross above 80, indicating that there is still some room for improvement in the
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WTI futures slow down but still above the rising trend line. WTI futures recorded a stunning rally in the previous weeks towards a fresh five-month high of 64.75, marking a run above the 61.8% Fibonacci retracement level of the down leg from 76.90 to 42.50, around 63.73. This week, though, the price
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WTI oil futures trade overbought at 5-month highs. WTI oil futures picked up further steam early on Tuesday to unlock a fresh 5-month high of 64.74. According to the RSI and the Stochastics, the market is trading in the overbought zone, suggesting that the price could soon reverse lower. Trend signals, however, are still
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WTI oil futures record 5-month high; bullish outlook in the medium term. WTI crude oil futures have been in a flying mode over the last four days, creating a new five-month high of 62.87 earlier on Wednesday. The price is heading higher after it found strong support at the one-and-a-half-year low of 42.50
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WTI oil futures in a flying mode; bullish bias in the short term. WTI crude oil futures have come under renewed buying interest, rising back above the 20- and 40-simple moving averages (SMAs) in the 4-hour chart after the market found strong support at the 23.6% Fibonacci retracement level of the
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WTI oil futures reach 4-month high; strongly positive in the short term. WTI crude oil futures have been in a flying mode since yesterday’s trading session, recording a new four-month high around 59.32 today. The price is set to touch overbought levels according to the RSI indicator which is holding a shy below the 70 level, while
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WTI oil futures in bullish action but confined to a narrow range. WTI oil futures jumped to a new one-and-a-half-month high of 57.43 earlier on Tuesday, remaining above the 23.6% Fibonacci retracement level of the upward movement from 51.60 to 57.85 around 56.37 and the 57.16 strong support level. The price has
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WTI oil futures held in a narrow range; bullish bias in the near term. WTI oil futures have been trading above the short-term ascending trend line in the 4-hour chart but are consolidating in a narrow range over the last couple of weeks. The three-and-a-half month high of 57.85 acts as
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WTI crude oil futures recover slightly higher after a sharp bearish move. WTI crude oil futures are retreating sharply after the pullback on the three-month high of 57.78 that was reached on February 22. The 20- simple moving average (SMA) is ready to create a bearish crossover with the 40-SMA in the 4-hour chart, as
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The last quarter of 2018 was a tough one for oil producers as fears over a global growth slowdown and concerns on plentiful production sent prices to 1 ½-year low. To reverse the slump, OPEC and non-OPEC members clinched a deal to cut output as of January 1 despite previously increasing levels,
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