WTI OIL

WTI oil price jumps above $42 on Friday, focusing November’s peak at $43.03.
Overall sentiment remains positive as the contract is on track for the third consecutive weekly gain, although the upside attempts remain limited on oversupply, demand concerns over surge in coronavirus cases and renewed lockdowns.
On the other side, hopes for effective Covid-19 vaccine and that OPEC+ group will delay planned production increase, continue to underpin oil prices.
In addition, signs that talks about new US stimulus package would resume, bring more optimism among traders.
Daily studies remain positive but momentum crests and warns that another attempt towards post-pandemic recovery peak ($43.75) may lose steam.
Bulls probe again through 55WMA ($42.02) but another failure to register weekly close above would be initial warning.
Near-term bias is expected to remain with bulls while the price stays above rising 10DMA ($41.28) which tracks the action since Nov 9, while psychological $40 level (also daily cloud top and Nov 13/16 double-bottom) marks key support, loss of which would bring bears in play.

Res: 42.65; 43.03; 43.17; 43.75.
Sup: 41.58; 41.28; 40.78; 40.46.

WTI

Interested in WTI technicals? Check out the key levels

    1. R3 43.26
    2. R2 42.71
    3. R1 42.39
  1. PP 41.84
    1. S1 41.52
    2. S2 40.98
    3. S3 40.66

 

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

GBP/USD tumbles from the highest since 2018 on the Brexit impasse

The GBP/USD roller coaster continues with a downfall below 1.35 after the pair hit a 31-month high of 1.3539 earlier. Brexit talks have yet to yield an agreement. Negotiations are set to continue through the weekend.

GBP/USD News

EUR/USD battles 1.2150 after disappointing NFP

EUR/USD is trading off the 32-month highs amid bumps in US stimulus and vaccine distribution. Markets await the all-important US Nonfarm Payrolls missed expectations with 245K jobs gained in November. 

EUR/USD News

XAU/USD fails to break $1850 and turns to the downside

Gold peaked after the beginning of the American session at $1848/oz reaching the highest level since November 23 and then turned to the downside. It bottomed at $1829 and is it about to end the week hovering around $1830.

Gold news

Dollar downfall explained and what's next for markets

The safe-haven US dollar is hitting multi-month and multi-year lows against its peers while stocks are on fire. What is behind the risk-on rally? Valeria Bednarik, Joseph Trevisani, and Yohay Elam discuss markets' moving parts as 2020 nears its end.

Read more

Extra week of Black Friday!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex Majors

Cryptocurrencies

Signatures