WTI crude oil futures settle at $48.40

Technical Analysis

Up $0.40 or 0.83%

The price of WTI crude oil futures are settling at $48.40. That’s up $0.40 or 0.83%.

The high price reached $48.66. The low price extended to $47.61

Looking at the daily chart for the February contract, the high price for the year was on January 3 at $57.68. The low price was on April 22 at $27.22.

Since the low, the price has increased some of 77.41% (to current levels). The high price has extended to $49.43. That was just below the swing low from early February at $49.50. The last 14 or so days has seen the price close above its 61.8% retracement of the 2020 trading range at $46.04. It would take a move back below that level to tilt the bias a little more to the downside from a technical perspective. On the topside, getting above the $49.43 to $49.50 area would next target the natural resistance at the $50 level.
For bank trade ideas, check out eFX Plus

Articles You May Like

RBNZ rate decision in the new day and the NZDUSD is breaking to a new low. What next?
Gold gains Rs 650 to Rs 78,800 per 10 grams; silver sees steepest single-day jump
Fed’s preferred inflation gauge rises to 2.3% annually, meeting expectations
Gold Price Today: Yellow metal prices gain Rs 2,850/10 gm in 1 week, silver up by Rs 1,200/kg
Here’s how investors should play the rest of this holiday-shortened trading week

Leave a Reply

Your email address will not be published. Required fields are marked *