Category: crude oil

USOIL (WTI) Retraces as Bulls and Bears Contemplate Next Move

Post author By Azeez Mustapha
Post date June 7, 2021
No Comments on USOIL (WTI) Retraces as Bulls and Bears Contemplate Next Move

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL is in an uptrend. The WTI has risen to $69.32. The crude oil is facing resistance at the recent high. Meanwhile, on April 20 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or level $70.71.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 66 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend and above the centerline 50. The moving averages are sloping upward indicating the uptrend. The WTI price is above the SMAs which suggests that the market will rise.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in an uptrend. The upward move is facing resistance at level $70. Meanwhile, on June 1 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that WTI will rise to level 2.0 Fibonacci extension or level $71.34.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 80% range of the daily stochastic. The market is rising and in a bullish momentum which is contrary to the stochastic indicator. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. The crude oil has reached the high of $70 but faces resistance. The price is retracing from the recent high. The uptrend will resume if it finds support above 21-day and 50-day SMAs.

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Tags Technical Analysis, USOIL, WTI

US Oil Validates Its Breakout!

Post author By Olimpiu Tuns
Post date May 31, 2021
No Comments on US Oil Validates Its Breakout!

US Oil decreased a little in the short term but the outlook remains bullish. It has decreased to test and retest the immediate support levels before jumping higher. Technically, the breakout above the near-term strong resistance levels signaled a potential further growth.

Still, the rate could move sideways before resuming its upwards movement. The US Oil rallied after the US Crude Inventories release on Wednesday. The economic indicator dropped from 1.3M to -1.7M much below -1.0M expected.

US Oil H4 Chart Technical Analysis!

US Oil has increased as much as 67.49 on Friday failing to reach the 67.94 higher high. Still, the rate has taken out strong resistance levels, that’s why the price could resume its growth.

It has finally managed to stabilize above 66.68 static resistance and outside of the descending pitchfork’s body. I’ve told you in the live sessions or in my previous analysis that an upside breakout through the UML could confirm an upside continuation.

Now it has decreased to retest the 66.58 and the ascending pitchfork’s median line (ml). Staying above these levels and registering a new higher high could really signal potential growth.

Conclusion!

Its breakout above 66.58 and through the upper median line (UML) could signal more gains ahead. It could increase as long as it stays above the ascending pitchfork’s median line (ml).

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Last Updated: May 31st, 2021

Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms.

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Tags US Oil, USOIL (WTI), WTI, WTI Oil

USOIL (WTI) Is In An Upward Move,Faces Rejection At $68 High

Post author By Azeez Mustapha
Post date April 30, 2021
No Comments on USOIL (WTI) Is In An Upward Move,Faces Rejection At $68 High

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bullish
USOIL has resumed an upward move. WTI is falling after retesting the high of $65. The USOIL has rebounded above $61 as price reached the high of $65 before its downward move. The upward move has been ongoing above the $57 support. Meanwhile, on April 20 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that USOIL will rise to level 1.618 Fibonacci extension or the high of $64.34.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) has risen to level 56 of the Relative Strength Index period 14. It indicates that USOIL is in an uptrend and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bullish
On the 4 hour chart, the WTI price is in a sideways move below the $65 resistance level. Each time the price retest the resistance level WTI will fall to the low of $61.On April 29 uptrend a retraced candle body tested the 61.8% Fibonacci extension. The retracement indicates that the market will rise to level 1.618 Fibonacci extension or the high of $68.31.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI price is below the 50% range of the daily stochastic. The market is in a bearish momentum The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in an uptrend. The upward move is facing rejection at $65 and $68. Presently, Crude oil is present in a downward move. WTI will resume upward if price finds support above the previous lows

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Tags Technical Analysis, USOIL, WTI

US Oil Ready To Confirm Its Upside Continuation!

Post author By Olimpiu Tuns
Post date April 28, 2021
No Comments on US Oil Ready To Confirm Its Upside Continuation!

US Oil (WTI) has decreased a little but the correction seems over after failing to take out the immediate downside obstacles. The major uptrend is still intact, that’s why we could see further growth.

The US is to release the Crude Oil Inventories later today. The indicator is expected to drop again in the negative territory, from 0.6M to -0.9M. This scenario could help the price to increase in the short term.

Actually, a larger decline in crude inventories should boost the US Oil which maintains a bullish outlook.

US Oil found strong support at 56.24 below the lower median line (LML) of the descending pitchfork. Its failure to stabilize under the 23.6% retracement level signaled that the corrective phase is over.

Now is traded back above the descending pitchfork’s median line (ML) signaling strong buyers in the short term. Stabilizing above the weekly pivot (62.38) and beyond the median line could bring a new long entry soon.

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Tags Oil, US Oil, WTI, WTI Oil

USOIL (WTI) Is in a Downtrend, Targets Level $55.52

Post author By Azeez Mustapha
Post date March 19, 2021
No Comments on USOIL (WTI) Is in a Downtrend, Targets Level $55.52

Key Resistance Levels: $66.00, $70.00, $74.00
Key Support Levels: $48.00,$44.00,$40.00

USOIL (WTI) Long-term Trend: Bearish
USOIL is in a downward move after the rejection from $68 high. The price has fallen to the low of $58.25. The price has broken the 21-day SMA and it is approaching the 50-day SMA. The selling pressure will persist if price breaks below the SMAs.

USOIL – Daily Chart

Daily Chart Indicators Reading:
USOIL (WTI) is at level 43 of Relative Strength Index period 14. It indicates that price is in the downtrend zone and it is below the centerline 50. The 21-day and 50-day SMAs are sloping northward indicating the uptrend.

USOIL (WTI) Medium-term bias: Bearish
On the 4 hour chart, the USOIL is in a downward move. On March 10 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the USOIL will fall to level 2.618 Fibonacci extensions or the low of $55.52.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
WTI Crude oil has fallen below the 30% range of the daily stochastic. The crude oil is in a bearish momentum. The SMAs are sloping downward indicating the downtrend.

General Outlook for USOIL (WTI)
USOIL (WTI) is in a downward move. WTI crude oil has been trading in the overbought region. The price has fallen to the low of $58. The USOIL is now consolidating above the $58 support. The selling pressure will resume if the support is breached.

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Tags Technical Analysis, USOIL, WTI

Crude Oil: WTI Trades Underneath Bearish Pressure After Plunging Beneath the $63.50 Level

Post author By Azeez Mustapha
Post date February 26, 2021
No Comments on Crude Oil: WTI Trades Underneath Bearish Pressure After Plunging Beneath the $63.50 Level

USDWTI Price Analysis – February 26

At the time of writing, WTI remains on the back foot trading at $62.53 after sellers’ pressure pushed the USDWTI pair to a $61.82 daily low. The barrel of West Texas Intermediate (WTI) hit its highest level in more than a year at $63.79 during the prior session, however, staged a rebound on Friday.

Key Levels
Resistance Levels: $70.10, $67.52, $63.73
Support Levels: $60.72, $57.40, $53.90
USDWTI Long term Trend: Bullish
From a technical perspective, USDWTI reflects a clear bullish market on the daily chart. A step above the $63.79 barrier could trigger the next upside breakout. However, the RSI is on a corrective journey before its next leg up. A pullback from the weekly top at $63.79 beneath the MA 5 and 13 threshold may generate additional buying.

The following pullback, however, may not last long as buyers may buy the dip at the $60.72 level. Hence, WTI sellers should keep their eyes on the MA 13 support line, at $60.50 during further declines. However, any further weakness will be probed by the three-week-old horizontal support near the $57.40 level.
USDWTI Short term Trend: Ranging
WTI price action is currently trading around $63.18 and $61.78 intraday levels beyond the near-term lower end of the channel range at the $60.72 level. With the upward level of resistance shown at $63.79 in the near term, analysts expect prices to trade within that range.

On the upside, a break beyond the $63.79 level would see oil prices challenging the $67.52 psychological level of resistance. Prices are somewhat likely to stay subdued in the short term and risk selling pressure, particularly with economic recovery concerns now lingering.

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Tags Crude Oil, Technical Analysis, USDWTI

USOIL (WTI) Retraces to $59, Resumes Upward Move

Post author By Azeez Mustapha
Post date February 19, 2021
No Comments on USOIL (WTI) Retraces to $59, Resumes Upward Move

Resistance Level: $64, $65, $66
Support Level: $58, $57, $56

USOIL (WTI) Long-term Trend: Bullish
USOIL has been in an upward movement since November 2020. WTI crude oil has risen from $33.67 to $60.12 high. The RSI has indicated that the crude oil price has reached the overbought region of the market. In this case, sellers may emerge to push prices down. The market is presently falling but there is the appearance of bullish candlesticks. This will signal the resumption of the uptrend.

USOIL – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend. Presently, the share is at level 70 of the Relative Strength Index. It indicates that the USOIL is in the uptrend zone and it is capable of resuming upward movement.

USOIL (WTI)) Medium-term Trend: Bullish
On the 4-hour chart, the price is in an upward move. On the February 15 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will fall to level 1.272 Fibonacci extension and reverse. That is the high of $61.89. The price will reverse to 78.6% where it originated. The price action has confirmed these levels.

USOIL – 4 Hour Chart

4-hour Chart Indicators Reading
USOIL is above the 20%range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for USOIL (WTI)
WTI crude oil is in an uptrend. After the recent retracement, the USOIL has resumed a fresh uptrend. If the market rises and breaks above the previous high of $62, the uptrend will continue.

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Tags Price Analysis, USOIL (WTI)

Crude Oil Demand & Supply Imbalance Caps Upside Advance

Post author By Azeez Mustapha
Post date January 26, 2021
No Comments on Crude Oil Demand & Supply Imbalance Caps Upside Advance

Crude oil prices are narrowly consolidating around an 11-month high. After bouncing about 20% from the March low, upward momentum appears to be weakening. Traders are increasingly worried about the outlook for demand, which could be hurt by a resurgence of coronavirus cases in China. Sentiment aside, the short-term supply & demand forecast suggests that the risk is biased towards the downside.

A resurgence of coronavirus cases in China in the weeks leading up to the Lunar New Year festival could weaken demand from the world’s second-largest oil consumer. The data suggests that travel to and from Chinese cities has become moderate since early December, about -6% below pre-pandemic levels.

The Chinese government reported 793 new cases last week, up from less than 300 two weeks ago. While Chinese data is always prone to problems with accuracy and transparency, this is the highest number in 10 months. Isolation measures escalated with 11 million people in Shijiazhuang, the provincial capital in northern Hebei.

Meanwhile, more than 5 million people are being detained in Suihua in northern Heilongjiang province. Stricter isolation measures could reduce traffic and economic activity, thereby weakening demand for crude oil and petroleum products.
Crude Oil Price Softens As Bears and Bulls Tussle
Crude oil prices have softened as the dollar strengthened while the latest restrictive measures in China will wreak havoc on the Lunar New Year journey. Oil demand in China is at the core of the current recovery in prices, so any deeper restrictions should put some pressure on the sale of Brent and WTI crude.

OPEC Secretary-General Barkindo’s optimistic comments at the Iranian IPEC conference had little effect on oil prices. Barkindo reminded energy traders that the worst for the global oil market is over and that investment in oil has fallen 30% in 2020. The most impressive comment he made was that the rate of virus spread will continue to slow recovery. Barkindo stuck to the scenario and did not offer any new insights into the demand outlook.

A significant development in the energy sector was the decision by S&P Global Ratings to put under negative scrutiny the majority of major oil companies such as Exxon and Royal Dutch Shell. Rating agencies are always late and this warning seems long overdue.

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Tags Brent, WTI

Brent breaks the Pandemic gap fill level

Post author By Orlando Gutierrez
Post date November 27, 2020
No Comments on Brent breaks the Pandemic gap fill level

In hopes of an increase of demand of petroleum based products due to the news of the Coronavirus vaccines being over 90% effective, a massive increase in air travel, the easing of lockdowns measures and the normal winter rally, crude oil futures (WTI and Brent) have rallied above massive levels.

Brent in particular has broken with the 45.35 level which is the gap fill from the pandemic crash that saw prices in crude futures (WTI) go negative. This level is important because not only it was a psychological resistance but also bulls were not able to break it even with the new measures in output placed by the OPEC to support oil prices.

the next big level is the 56 mark which also the calculated targets of the flag breakout and the retest of the overall structure.

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