Oil managed to get above the resistance at $48.65 and continues to move higher in the upside channel. RSI is in the overbought territory so the risks of a pullback are increasing. The next resistance level for oil is located at $49.40. If oil manages to settle above this level, it will head towards the psychologically important $50 level. On the support side,...
Oil managed to get above the resistance at $47.70 and is trying to settle above $48. If this attempt is successful, oil will have a good chance to get to the test of the next resistance at $48.65. A move above $48.65 will push oil towards the resistance at $49.40. On the support side, the previous resistance at $47.70 will likely serve as the first support level...
Oil did not manage to settle above the resistance at $47.70 and pulled back. The nearest support level for oil is located at $46.65, and a move below this level will push oil towards the next support at $46.25. On the upside, the situation has not changed compared to the previous trading session as oil needs to settle above $47.70 to continue its upside move and...
Oil managed to get above the resistance at $47.30 and is trying to settle above recent highs at $47.70. If oil manages to settle above this level, it will head towards the next resistance at the $48 level. A move above the resistance at $48 will push oil towards the resistance at $48.65. On the support side, oil may get some support at the previous resistance at...
This is a strange but quite interesting fractal I found as I was trying to break-down the current Channel Up on the 1D time-frame that WTI is trading in. As you see the current pattern resembles the sequence of May-early June 2020. Both started rising aggressively after the 1D MA50 (blue line) turned into Support. Shortly after the RSI turned sideways and in the...
Oil gained downside momentum and is trying to settle below the support at $45.80. A move below this support level will push oil towards the low of the previous pullback at $45.00. More importantly, oil will get out of the current upside channel which will be dangerous for the bulls. If oil settles below the support at $45.00, it will head towards the 20 EMA at...
Oil gained strong upside momentum and managed to get above recent highs at $46.65. Currently, oil is moving towards the $48 level. There are few important levels in this area so oil may move fast. The nearest significant resistance is located at $48.60, although oil may also face some resistance at lower levels. If oil gets above $48.60, it will head towards the...
Oil is under pressure after the release of a shocking inventory report which indicated that crude inventories increased by 15.2 million barrels. As a result, oil is trying to settle below the nearest support level at $45.20. A move below this level will push oil towards the next support at $44.75. If oil declines below $44.75, it will head towards the support at...
Oil made a new high post negative territory above 45usd/barrel and for 2 weeks now is staling in this zone. I think at least a correction is just around the corner and WTI could fall to 43, to say the least. A confirmation for sellers comes with a break under 45. I'm looking to sell it
Oil failed to settle above the $46 level and even tried to get to the test of the $45 level but received support near $45.20. If oil declines below $45.20, it will head towards the next support level at $44.75. A move below this level will push oil towards the support at $44.40. On the upside, oil needs to settle above $45.80 to have a chance to get to the test...
Oil is facing some pressure at the start of the week and tries to settle below $46.00. However, support for oil remains strong, and it needs to settle below the nearest support level at $45.80 to develop downside momentum. On the upside, a move above $46.25 will push oil towards the recent highs at $46.65. A successful test of this level will open the way to the...
Oil managed to get above the resistance level at $45.80 and is trying to settle above the next resistance at the previous highs at $46.25. It has already managed to get above this level but faced strong resistance at $46.65 and pulled back. If oil settles above $46.25, it will get to another test of the resistance at $46.65. A move above this level will push oil...
The technical picture for oil has not changed much compared to the previous trading session as traders continue to wait for OPEC+ decision on production cuts. Yesterday, oil made an attempt to settle above the resistance at $45.80 but failed to develop sufficient upside momentum and remains below this level. A move above $45.80 will push oil towards the recent...
Oil made an attempt to settle below $44.00 but failed to gain sufficient downside momentum and returned back to the $45 level. The current technical picture looks rather bullish for oil, but it needs to get above the resistance at $45.80 to confirm that it is ready to gain more upside momentum. In this case, it will head towards the next resistance level at the...