WTI hits fresh three-month highs above $60.00 but then retreats


  • Crude oil holds to daily gains, off highs. 
  • US-China agreement offered support to WTI that heads for the highest close since mid-October. 

Crude oil prices peaked following the agreement between the US and China regarding trade by signing the Phase One Trade Agreement. The barrel of West Texas Intermediate jumped to $60.45, the highest level since September 17 and then pulled back. As of writing trades at $59.95, up 1.20% for the day, about to post highest weekly close since July. 

Prices extended the rally after confirmation of a deal between the US and China. But the optimism faded amid lack of details surrounding the agreement and prices pulled back. Still, the trend points to the upside. Also, the improvement in risk appetite following the results of the UK elections offered support. At 18:00 GMT the Baker Hughes US Oil Rig Count report will be released. 

From a technical perspective, while above $59.30 the bullish bias remains intact. The next strong resistance area might be seen at $60.50 and $61.00 (July highs). The momentum is still there, particularly if it holds above $60.00. 

WTI

Overview
Today last price 59.78
Today Daily Change 0.58
Today Daily Change % 0.98
Today daily open 59.2
 
Trends
Daily SMA20 57.83
Daily SMA50 56.23
Daily SMA100 56.01
Daily SMA200 57.72
 
Levels
Previous Daily High 59.7
Previous Daily Low 58.74
Previous Weekly High 59.9
Previous Weekly Low 55.41
Previous Monthly High 58.76
Previous Monthly Low 54.12
Daily Fibonacci 38.2% 59.33
Daily Fibonacci 61.8% 59.11
Daily Pivot Point S1 58.73
Daily Pivot Point S2 58.25
Daily Pivot Point S3 57.77
Daily Pivot Point R1 59.69
Daily Pivot Point R2 60.17
Daily Pivot Point R3 60.65

 

 

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