Key Resistance Levels: $66.00, $70.00, $74.00Key Support Levels: $48.00,$44.00,$40.00 USOIL (WTI) Long-term Trend: BullishUSOIL 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 […]
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 […]
Key Resistance Levels: $66.00, $70.00, $74.00Key Support Levels: $48.00,$44.00,$40.00 USOIL (WTI) Long-term Trend: BullishUSOIL 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. […]
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 […]
Key Resistance Levels: $66.00, $70.00, $74.00Key Support Levels: $48.00,$44.00,$40.00 USOIL (WTI) Long-term Trend: BearishUSOIL 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 […]
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, […]
Resistance Level: $64, $65, $66Support Level: $58, $57, $56 USOIL (WTI) Long-term Trend: BullishUSOIL 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 […]
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 […]
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 […]
