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.

AUD/USD sticks to positive bias above 0.7100; lacks bullish conviction

AUD/USD trades with a positive bias for the second straight day, holding above 0.7100 in the Asian session on Friday as softer US bond yields keep US Dollar bulls on the back foot. Furthermore, hawkish RBA Governor Bullock's comments boost rate hike bets and support the Aussie. However, the Fed's hawkish outlook, along with geopolitical uncertainties, limits USD losses and caps the pair.

USD/JPY approaches 158.00 as Japanese Yen resumes decline

USD/JPY is resuming its upside in the European session on Friday, refreshing two-week highs and nearing 158.00. The Japanese Yen extends losses, despite the Bank of Japan's (BoJ) expected rate hike to 1.25% and hawkish Governor Ueda's comments, as two surprise dissents against the rate hike weigh on it.

Gold keeps the bid tone in place; still below $4,400

Gold adds to the optimism seen in the second half of the week, trading with decent gains just below the $4,400 mark per troy ounce on Friday. The precious metal’s advance finds traction in declining crude oil prices and fresh selling pressure on the US Dollar.

Why altcoin season isn't coming back — and what stole its capital

If, after two years of being frozen in ice, Katara and Sokka woke you up to the crypto market, it would seem like 100 years have passed. With Bitcoin soaring to record highs just over a year ago, everyone expected a routine altcoin season, where investors take profits from the top crypto to chase higher returns in altcoins.

BoJ Recap: Not as hawkish as expected

The BoJ raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks. Governor Kazuo Ueda said the policy phase had changed.

BoJ Recap: Not as hawkish as expected

The Bank of Japan (BoJ) raised its short-term interest-rate target to 1.25% from 1.00% in a 7-2 vote, marking another step in the normalisation of monetary policy and widely matching what everyone has been expecting for weeks.