WTI Futures Head Up, Approaching 2½-Month High


WTI futures are heading slightly north after the decline of the two-month high of 66.73. In trend indicators, the 20- and 40-day simple moving averages (SMAs) create an bullish crossover, standing close to the higher trend. The RSI confirms the recent uptrend, while the MACD oscillator is still moving above its trigger and zero lines.

The price is trying to meet the next resistance of the two-and-a-half-year high of 67.96. If traders continue to buy the goods, the price could reach the 75.24 internal swing high of July 2018 ahead of the 76.87 hurdle, being the top of September 2018.

In the event that oil retreats below the short-term SMAs and the rising trend line, immediate support could be faced from 60.66 and 57.20. Below that, the 23.6% Fibonacci retracement level of the uptrend 6.62-67.96 at 53.54 could attract attention ahead of the 49.40 support, which coincides with the 200-day SMA.

Overall, WTI looks mainly positive in longer time and only a fall below the up-trend line and the 200-day SMA can change this outlook to negative.

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