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.

Omkar Godbole FXStreet Contributor

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 price	62.77
Today Daily Change	1.26
Today Daily Change %	2.05
Today daily open	61.54

Trends
Daily SMA20	57.04
Daily SMA50	52.93
Daily SMA100	47.38
Daily SMA200	43.53

Levels
Previous Daily High	61.77
Previous Daily Low	58.81
Previous Weekly High	62.25
Previous Weekly Low	58.58
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	60.64
Daily Fibonacci 61.8%	59.94
Daily Pivot Point S1	59.64
Daily Pivot Point S2	57.75
Daily Pivot Point S3	56.68
Daily Pivot Point R1	62.6
Daily Pivot Point R2	63.67
Daily Pivot Point R3	65.57

Author

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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