WTI technical analysis: Prices shot higher overnight in risk-on markets

WTI prices shot higher overnight on the back of good news on the trade front following Trump's announcements that some of the expected tariff hikes will be put back to the end of the year. The September delivery on the New York Mercantile Exchange, added $2.17, or 4%, to settle at $57.10 a barrel for the best finish for a front-month contract since July 31. This has left a technically bullish bias on the charts.

We can see that the bulls were holding just above the 50% retracement of the late Dec to 2019 range. On overnight trade, the bulls subsequently took out the cluster of the 20, 50 and 200 daily moving averages to bust through both the 56 and 57 handles. There is now space for a recovery to the 58 handle to meet trend line resistance. On the downside, bears can target a break of the 50% reversion of the day's move at 55.80.


Today last price 56.71
Today Daily Change 0.02
Today Daily Change % 0.04
Today daily open 56.69
Daily SMA20 55.62
Daily SMA50 56.11
Daily SMA100 58.97
Daily SMA200 56.23
Previous Daily High 57.4
Previous Daily Low 54.14
Previous Weekly High 55.53
Previous Weekly Low 50.51
Previous Monthly High 60.99
Previous Monthly Low 54.87
Daily Fibonacci 38.2% 56.15
Daily Fibonacci 61.8% 55.39
Daily Pivot Point S1 54.75
Daily Pivot Point S2 52.82
Daily Pivot Point S3 51.49
Daily Pivot Point R1 58.01
Daily Pivot Point R2 59.34
Daily Pivot Point R3 61.27



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

Latest Forex News

Editors’ Picks

GBP/USD extends gains toward 1.31 after upbeat UK wage figures

GBP/USD is extending its gains and advancing toward 1.31 after UK wage figures beat expectations with 3.2% annually. The unemployment rate remained at 3.8% in November. 


EUR/USD recaptures 1.11 amid upbeat German figures, USD weakness

EUR/USD is trading above 1.11 after the German ZEW Economic Sentiment beat with 26.7 points. Presidents Trump and Macron agreed not to slap tariffs on each others' countries. The US dollar is retreating.


Market delays the trip to the moon

The crypto markets continue to turn to a new bullish phase. This turnaround began at the beginning of the year after a consolidation phase that started in mid-2019. 

Read more

Gold retreats from 2-week tops, drifts into negative territory

Gold failed to capitalize on its early uptick to near two-week tops and dropped to fresh session lows, around the $1560 region in the last hour.

Gold News

USD/JPY: Weaker near 110.00 amid China virus fears, BOJ's status-quo

The Japanese yen retains the bid tone following the Bank of Japan's (BOJ) status-quo, keeping USD/JPY under pressure near the 110 level amid risk-off market profile. S&P 500 futures drop 0.40% while the US Treasury yields are down over 1.50%, as the sentiment is hit by the coronavirus outbreak.