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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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WTI crude oil futures hits 3-month high; bullish correction mode in the near term. West Texas Intermediate crude oil futures topped at a new three-month high of 56.31 during yesterday’s trading session, advancing above the 38.2% Fibonacci retracement level of the down leg from the four-year high of 76.90 to the
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WTI crude oil futures point slightly higher in the near term. West Texas Intermediate (WTI) crude oil futures are edging slightly higher, surpassing the Kijun-Sen line and the 20-simple moving average (SMA) in the 4-hour chart, indicating a possible upside retracement. However, the price remains below the Ichimoku cloud and the
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WTI crude oil futures turn bias to more bullish; reach 2-month high. WTI futures came close to breaking the 38.2% Fibonacci retracement level of the down leg from the four-year high of 76.90 to the 18-month low of 42.50, around 55.64, reaching a fresh two-month high on Friday. The price remains in a bullish correction mode
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WTI crude oil futures on slippery mode; indicators signal bearish retracement. West Texas Intermediate (WTI) futures have declined beneath the 20- and 40-simple moving averages (SMAs) in the 4-hour chart, indicating possible negative retracement. Momentum signals are bearish as well, as the red Tenkan-sen line, which is below the blue Kijun-Sen line, looks to be
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WTI crude oil futures retreat from 1½-month high; pause near 20-SMA. Oil futures retreated from a one-and-a-half-month high of 54.50 on Tuesday, touching the 20-simple moving average (SMA) in the 4-hour chart. The very short-term bias looks negative as the MACD keeps losing ground below its red signal line, while the
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WTI crude oil futures find support at 23.6% Fibonacci; hold within SMA. West Texas Intermediate (WTI) crude oil futures are finding strong support level on the 23.6% Fibonacci retracement level of the sharp downward movement from 76.90 to 42.50, around 50.65. The technical indicators suggest that there are still some investors that
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WTI crude oil futures could see further gains in the near-term. WTI crude oil futures (for February delivery) rebounded on the 18-month low of 42.50 on December 26, driving the price higher towards a three-week high of 49.80 yesterday. The technical indicators suggest that there are still some investors that could hold the market on
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