You are here: Home > articles > Forex > Technical Analysis – WTI crude futures develop in narrow range after strong sell-off
Technical Analysis – WTI crude futures develop in narrow range after strong sell-off
December 11, 2018 10:26 amVideo
Latest News
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
West Texas Intermediate (WTI) crude oil futures have turned neutral after a strong downfall in the previous weeks. The price struggles within a narrow range, with upper boundary the 54.40 resistance level and lower boundary the 50.00 handle. Currently, the price remains below the 20- and 40-simple moving averages (SMAs) and the technical indicators hold in negative area. The RSI is moving below its neutral level of 50, while the MACD is strengthening its negative momentum.
If the price exits from the trading range and dives below the 50.00 level, it could touch the 49.40 barrier, reached on November 29. Another significant stop for bears could come around the 47.76 hurdle, identified in September 2017.
However, in case of an upward movement, the oil price could approach the 20- and 40-SMAs around 51.82 and 52.39 respectively. A climb above these lines could push the market until the upper boundary of the consolidation area of 54.40, while a break above it could challenge the 23.6% Fibonacci retracement level of the downleg from 76.90 to 49.40, near 55.85.
Overall, WTI crude is still developing in a strong bearish tendency following the bounce off the 76.90 resistance. In the very short-term picture though, the market is neutral.
Related Posts: