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WTI crude oil futures have been consolidating within a narrow range over the last week with upper boundary the 23.6% Fibonacci retracement level of the downward wave 54.70-20.50 at 28.58 and lower boundary the multi-year low of 20.50. This sideways move is confirmed by the technical indicators. The RSI is flattening near its 50
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WTI oil futures in extreme downfall; bearish and oversold. WTI oil futures for April delivery is in free-fall mode on Monday after OPEC+ meeting triggered a price war between Saudi Arabia and Russia last week. Oil price opened 11% lower on Monday and at a multi-year low of 27.32, though not far from 2016 troughs. Technically,
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WTI oil futures yesterday – as positive momentum evaporated – were unable to decisively overrun the neckline and complete a possible double bottom pattern. The commodity today has declined to the nearby Ichimoku cloud’s upper band around 51.30, with backing from the technical indicators and the easing in the red Tenkan-Sen
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WTI oil futures yesterday reversed ahead of the 49.29 fresh bottom – which is a thirteen-month low – forming the start of a likely double bottom pattern. Currently, the overhead Ichimoku cloud, the slipping red Tenkan-sen and all downward sloping simple moving averages (SMAs) promote a strong negative picture. Moreover, the RSI
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WTI oil futures flirt with a support line; looks oversold. WTI crude oil futures recorded a significant downfall over the past six days after they found strong resistance at the eight-month high of 65.60 last week. Currently, the price is flirting with the ascending trend line around the 57.70 support level, supposing
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WTI oil futures hold onto bullish bias but momentum is weakening. WTI oil futures have eased slightly off the 58.56 resistance, which is the 61.8% Fibonacci retracement of the down leg from 63.22 to 50.98, following the recent price appreciation from the bounce off the 200-period simple moving average (SMA). The short-term
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WTI oil futures resume uptrend but shift sideways as momentum dries. WTI oil futures are trading around the 57.11 area, which is the 50.0% Fibonacci retracement of the down wave from 63.22 to 50.98, with an undecided direction in hand. Oil has realigned with the positive picture, climbing above 56.90 but then
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WTI oil futures cautiously positive; pullback steers price below 200-SMA. WTI oil futures are leaning towards a positive short-term picture despite penetrating back below the 200-period simple moving average (SMA). The short-term oscillators are confirming a neutral-to-positive outlook unfolding, with the price now breaking back above the 200-period SMA. The RSI’s negative momentum
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WTI oil futures resume slide, return focus to the downside. WTI oil futures are looking increasingly bearish after slipping below the 50-period simple moving average (SMA). The short-term oscillators are turning negative. The RSI is accelerating the negative momentum, falling further below the neutral mark. The MACD is also pointing to negative
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WTI oil futures may retest the bottom as bearish bias holds. WTI oil futures for November delivery turned indecisive after failing to pierce the floor around the 23.6% Fibonacci of the down-leg from 76.87 to 42.53 last week. The short-term bias, on the other hand, remains negative as the price is trending
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