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24 Dec 2021

WTI Price Analysis: Eases from monthly top but bulls not out of the woods

  • WTI crude oil consolidates recent gains, pressured around intraday low.
  • Bullish MACD signals join upside breaks of previous key resistance to keep buyers hopeful.
  • Further upside awaits $74.65 break, intraday sellers aim for $73.20-15 as immediate support.

WTI crude oil retreats from a one-month high to $73.65 by the end of Thursday’s NY settlement. In doing so, the black gold justifies overbought RSI conditions to pause a three-day uptrend.

However, the quote remains beyond the 200-SMA level of $73.50, which in turn joins the bullish MACD signals to favor energy bulls.

Also adding to the bullish bias is the commodity’s clear upside break of a descending trend line from early November and a horizontal line comprising monthly resistance.

That said, November 21 swing low near $74.65 guards the commodity’s immediate upside ahead of an expected run-up towards the $77.00 threshold. Following that, late November highs near $79.00 and the $80.00 round figure will be watched carefully by WTI buyers.

Alternatively, WTI’s break of the 200-SMA level near $73.50 will immediately drag the quote towards a three-week-old horizontal line, close to $73.30.

Adding to the downside filter is the 50-SMA level of $70.80 and the $70.00 psychological magnet.

However, oil buyers remain positive until the quote stays above the previous resistance line from early November, surrounding $69.75.

WTI: Four-hour chart

Trend: Further upside expected

 

Dec 24, 2021

USD/CNY fix: 6.3692 vs. estimate of 6.3661

In recent trade today, the People’s Bank of China (PBOC) set the yuan (CNY) at 6.3692 vs. estimate of 6.3661. About the fix China maintains strict con
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Dec 24, 2021

US Dollar Index defends 96.00 during pre-Christmas dull markets

US Dollar Index (DXY) bears take a breather around the weekly low near 96.00 during Friday’s Asian session. The greenback gauge dropped consecutively
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