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.  

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


Today last price 59.70
Today Daily Change 4.69
Today Daily Change % 8.54
Today daily open 54.89
Daily SMA20 55.62
Daily SMA50 56.07
Daily SMA100 57.15
Daily SMA200 56.46
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



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