WTI Oil Forecast: $75.00 ahead?
|- Bullish outside-week candle signals continuation of the bull run.
- Bull flag breakout on the dailies.
WTI oil rose to $70.70/barrel in Asian session today - the highest level since November 2014 and the technical charts indicate the rally could be extended further to $75.00-$75.21 (100-month MA).
Weekly chart
Source: Netstation, Netdania
Last week's bullish outside-week candle (engulfed previous week's doji) signals continuation of the rally from the June 2017 low of $42.06, also adds credence to the ascending (bullish) 5-week moving average (MA) and the 10-week MA and has opened the doors to $75.00 - $75.21 (100-month MA).
Daily chart
Source: Netstation, Netdania
The bull flag breakout, again a bullish continuation pattern, indicates scope for a rally to $75.80 (target as per the measured height method - pole height added to breakout price). The RSI is stationed at 67.00 and trending north, indicating enough scope for a rally to $75.00.
The 5-day MA and the 10-day MA are biased bullish. The 50, 100, 200-day MA are aligned in favor of the bulls.
View
WTI looks set to test $75.00 - $75.21 (100-month MA) in the near-term.
Only a daily close below the ascending (bullish) 10-day MA would neutralize the immediate bullish outlook.
A daily close below $66.86 (May 1 low) would indicate a short-term bullish-to-bearish trend change.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.