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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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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
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WTI oil futures fell from the 58.79 level from the beginning of the month to a spike low of 53.58. Presently standing at 55.25, the price is trading between the 56.00 resistance and 53.45 support. Although the Tenkan-Sen is showing a downwards direction in the short-term, the Kinjun-Sen has flattened over the
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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
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WTI futures encounter resistance from both the 50- and 200-SMAs. 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. The price tumbled from the 61.8% Fibo and lost steam near its 23.6%
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