Crude Oil Price News and Forecast: WTI golden cross could signal higher prices ahead

FXStreet Team FXStreet

WTI: Bulls gathering pace for a test of September highs

WTI (oil futures on NYMEX) is posting small gains and remains within a striking distance of three-month tops renewed last hour at $61.97.

The black gold continues to benefit from upbeat fundamentals that have revived hopes for the bulls to conquer the September month highs of $63.38, reached after the Saudi Arabian oilfields were allegedly attacked by Iran.

Over the last few days, the barrel of WTI has derived support from a drop in the American Petroleum Institute (API) Crude Stocks, strong US online consumer spending data, US-China trade deal signing news and broad USD weakness. Read more...

WTI Technical Analysis: WTI golden cross could signal higher prices ahead

WTI has been grinding higher over the last few sessions.

The market has been dealing with a glut and the OPEC+ nations agreed on a new round of cuts.

Today the market will get the latest DoE inventory levels and the recent trend has been lower.

The moving averages have crossed higher with a golden cross and this is traditionally a bullish signal. Read more...

Crude Oil (WTI) Intraday: supported by a rising trend line

Pivot (invalidation): 61.35

Our preference
Long positions above 61.35 with targets at 62.05 & 62.50 in extension.

Alternative scenario
Below 61.35 look for further downside with 61.05 & 60.80 as targets.

Comment
The RSI is bullish and calls for further advance. Read more...

Author

FXStreet Team

FXStreet

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