Crude Oil News and Forecast: WTI can continue downtrend below 57.90 to 57.00


WTI Oil Outlook: bears are pausing above 200DMA, awaiting US crude inventories reports

WTI oil price edged higher on Tuesday after steep fall in past six days found footstep at 200DMA ($57.75).

Oil price came under pressure on signs of de-escalation of US/Iran conflict as unexpected rise of US crude stocks last week that also raised concerns about global oversupply.

Positive signals come from expectations that US and China will sign phase 1 of their trade deal and raise expectations that China would increase oil imports from the US.

Bears need break below 200DMA to generate fresh bearish signal for continuation and attack at daily cloud (spanned between $57.15 and $55.33), but may take some time for consolidation, as daily stochastic is deeply oversold. Read more...

WTI crude oil chart

WTI Crude oil can continue downtrend below 57.90 to 57.00

Uptrend

An uptrend will start as soon, as the pair rises above resistance level 58.30, which will be followed by moving up to resistance level 59.30.

Downtrend

An downtrend will start as soon, as the pair drops below support level 57.90, which will be followed by moving down to support level 57.00. Read more...

Crude Oil WTI Chart

WTI bounces-off six-week lows at $57.75 ahead of API data

WTI (oil futures on NYMEX) is trying hard to extend the recovery from six-week lows of $57.75 reached over the last hour, having regained the 58 handle, at the time of writing.

The black gold extended its week-long losing streak on Tuesday, mainly fuelled by receding US-Mid East tensions after both the US and Iran decided to stand down on the military responses after this month’s missiles attacks.

Meanwhile, the markets appear to have turned risk-averse ahead of the much-awaited US-China phase one trade deal signing scheduled on Wednesday. Therefore, the higher-yielding oil witnessed a fresh round of selling in tandem with other risk assets such as Treasury yields, European equities etc. Read more...

WTI

Overview
Today last price 58.59
Today Daily Change 0.50
Today Daily Change % 0.86
Today daily open 58.09
 
Trends
Daily SMA20 60.91
Daily SMA50 58.88
Daily SMA100 57.13
Daily SMA200 57.85
 
Levels
Previous Daily High 59.28
Previous Daily Low 57.93
Previous Weekly High 65.67
Previous Weekly Low 58.69
Previous Monthly High 62.38
Previous Monthly Low 55.41
Daily Fibonacci 38.2% 58.45
Daily Fibonacci 61.8% 58.76
Daily Pivot Point S1 57.59
Daily Pivot Point S2 57.08
Daily Pivot Point S3 56.24
Daily Pivot Point R1 58.94
Daily Pivot Point R2 59.78
Daily Pivot Point R3 60.29

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Crude oil prices started the week on a strong footing and the barrel of West Texas Intermediate (WTI) gained more than 1% on Monday. With the market sentiment remaining upbeat on Tuesday, the WTI extended its rally and touched a daily high of $42.91 but struggled to preserve its bullish momentum. 

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