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WTI Price Analysis: Oil hits 13-month high, challenges 13-year bearish trendline

  • The US oil prices rise to the highest level in 12 months. 
  • The monthly chart shows prices are flirting with a major bearish trendline.

West Texas Intermediate (WTI) crude is trading at $62.77 per barrel at press time. 

That's the highest level since January 2020, and the resistance of the trendline falling from July 2008 and July 2014 highs. 

Expectations of a swift vaccine-led global economic recovery and the recent cold blast in Texas have powered the North American oil benchmark to multi-year highs. 

A break above that trendline hurdle would mark a reversal higher from decade-long bearish price action and shift focus to $66.60 (April 2019 high). 

Analysts at Goldman Sachs have reportedly raised their 2021 WTI price forecast to $66 per barrel from $58 per barrel. The following year, the oil benchmark is seen rising to $67 per barrel versus the previous $62 per barrel projection. 

Monthly chart

Trend: Bullish

Technical levels

WTI

Overview
Today last price62.77
Today Daily Change1.26
Today Daily Change %2.05
Today daily open61.54
 
Trends
Daily SMA2057.04
Daily SMA5052.93
Daily SMA10047.38
Daily SMA20043.53
 
Levels
Previous Daily High61.77
Previous Daily Low58.81
Previous Weekly High62.25
Previous Weekly Low58.58
Previous Monthly High53.94
Previous Monthly Low47.26
Daily Fibonacci 38.2%60.64
Daily Fibonacci 61.8%59.94
Daily Pivot Point S159.64
Daily Pivot Point S257.75
Daily Pivot Point S356.68
Daily Pivot Point R162.6
Daily Pivot Point R263.67
Daily Pivot Point R365.57


 

Author

Omkar Godbole

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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