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Technical Analysis – WTI futures reach 3-month high; positive risks not faded yet
November 24, 2020 2:29 pmVideo
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WTI crude oil futures have been in a strong upside tendency since November 2, reaching a fresh three-month peak of 43.7 in the short-term timeframe.
From a technical viewpoint, the price is still hovering beyond the 20- and 40-period simple moving averages (SMAs) and the Ichimoku cloud. The RSI indicator is edging north, approaching the overbought territory, while the MACD is extending its bullish structure above its trigger and zero lines.
In the positive scenario where the price continues to expand above today’s high of 43.74, a new top could be formed around 48.80, achieved on March 3. If the market manages to overcome that area, traders could look for resistance at 54.66, taken from the high on February 16.
A reversal to the downside could stall at the 42.65 support, which coincides with the short-term ascending trend line. Further below, the 20- and 40-period SMAs at 42.47 and 42.04 respectively could also provide support and any violation at this point could potentially trigger further sell-off in the market, probably leading the price down to 41.24.
To sum up, the short-term bias is bullish though oil could be close to overbought levels, with the medium-term outlook also being positive.
The post Technical Analysis – WTI futures reach 3-month high; positive risks not faded yet first appeared on XM.
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