You are here: Home > articles > Forex > Technical Analysis – WTI oil futures drift sideways as rally eases
Technical Analysis – WTI oil futures drift sideways as rally eases
July 10, 2018 1:26 pmVideo
Latest News
- Michelle Bowman reiterated Jerome Powell’s opinion April 19, 2024
- The ECB has finally made up its mind April 19, 2024
- The dollar is in control April 19, 2024
- Analysis of the GBP/USD pair on April 18, 2024 April 18, 2024
- Analysis for EUR/USD pair on April 18th. Dull ending to a dull week April 18, 2024
- USD/JPY: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- EUR/USD: Simple trading tips for novice traders on April 18th (US session) April 18, 2024
- GBP/USD: trading plan for the US session on April 18th (analysis of morning deals) April 18, 2024
- Trading Signals for EUR/USD for April 18-20, 2024: buy above 1.0641 (21 SMA – 2/8 Murray) April 18, 2024
- Bitcoin slides ahead of halving event – Crypto News April 18, 2024
- Trading Signals for BITCOIN (BTC/USD) for April 18-20, 2024: buy above $62,500 or $63,037 (4/8 Murray – rebound) April 18, 2024
- GBP/USD. April 18th. Andrew Bailey did not clarify the situation on QE April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 18-20, 2024: buy above $2,375 (6/8 Murray – 21 SMA) April 18, 2024
- Technical Analysis – Netflix stock moves within narrow range ahead of earnings April 18, 2024
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
West Texas Intermediate (WTI) crude oil futures seem to have lost momentum since hitting the 75.24 multi-year high on July 3. Price action is at the moment taking place above the 20- and 40-simple moving averages in the 4-hour chart after they recorded a bearish cross but are currently pointing up.
Looking at momentum indicators, the RSI is lacking direction slightly above it neutral threshold of 50, suggesting that the market could keep consolidating in the near term. The MACD also supports this view in the positive territory but is currently embraced by its red trigger line.
If prices continue to head higher, resistance should come from the high of 75.24, identified by the July 3 top. A jump above this level would reinforce the medium-term bullish view and open the way towards the 161.8% Fibonacci extension level of 78.70 level of the downleg from 72.89 to 63.37.
However, should a downside reversal take form, immediate support will likely come from the 72.20 level. A break below this region would push oil prices towards the 71.00 handle.
When looking at the bigger picture, oil recorded the third bullish week in a row, following the rebound on the 63.37 barrier, signaling further gains in the next few sessions.
Related Posts: