WTI technical analysis: Solidly bid near 11-month falling trendline

Oil jumps to the highest level since July 15 on Saudi attacks.
An upside break of trendline falling from October 2018 highs would bolster the bullish case.

Omkar Godbole FXStreet Contributor

WTI oil prices are currently trading at $59.70 per barrel, representing 8.5% gains on a 24-hour basis. Prices hit a high of $60.63 in early Asia, a level last seen on July 15.

The "Black Gold" gapped higher due to Saturday's attack on Saudi Aramco, one of the largest oil-producing drone attack on the Saudi Aramco's oil facility – one of the world's most important oil processing plant.

Observers fear further rise in prices in the near future if Saudi officials indicate a possibility of a prolonged (more than six weeks) production outage.

As far as technicals are concerned, the probability of further price rise would increase if prices find acceptance above $59.89 – the resistance of the trendline connecting Oct. 3 and April 23 highs.

Prices, however, may drop to the former resistance-turned-support of $58.73 (Sept. 10 high) if Saudi officials downplay fears of a prolonged outage.

Daily chart

Trend: Bullish

Technical levels

WTI

Overview
Today last price	59.70
Today Daily Change	4.69
Today Daily Change %	8.54
Today daily open	54.89

Trends
Daily SMA20	55.62
Daily SMA50	56.07
Daily SMA100	57.15
Daily SMA200	56.46

Levels
Previous Daily High	55.61
Previous Daily Low	54.38
Previous Weekly High	58.66
Previous Weekly Low	53.95
Previous Monthly High	58.02
Previous Monthly Low	50.51
Daily Fibonacci 38.2%	54.85
Daily Fibonacci 61.8%	55.14
Daily Pivot Point S1	54.31
Daily Pivot Point S2	53.73
Daily Pivot Point S3	53.08
Daily Pivot Point R1	55.54
Daily Pivot Point R2	56.19
Daily Pivot Point R3	56.77

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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