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Christian KÄMMERERHead of German Speaking Markets
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Barbara NICODEMOUMarket Analyst
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Research is creating new knowledge.
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Melina DELTASJunior Market Analyst
Thursday, 19 January 2017 08:42

WTI is Falling Towards the $51.47 Level

Published in Commodites & Metals

WTI crude oil dropped on Wednesday more than 2.5% following the rebound on the $54.30 resistance level. The aggressive sell-off will move the oil towards the $51.47 support barrier but it needs to go through the 50-daily SMA which behaves as a good support. Momentum has turned negative as the MACD indicator is headed lower and is holding slightly above the zero line at the moment. In the next few sessions, we are waiting for the indicator to slip below its mid-level. The Relative Strength Index (RSI) entered the bearish territory while the Stochastic oscillator is falling and is approaching the oversold area.

WTICrudeDaily190117.png

Friday, 13 January 2017 08:23

WTI Crude Oil Target Locked at $52.65

Published in Commodites & Metals

The West Texas Intermediate (WTI) crude oil created the second positive day in a row following the rebound on the $51.35 barrier which overlaps with the 50-daily SMA, a level that hit it after it slipped below our suggested target at $52.65 (see technical analysis here: http://bit.ly/2jKRtTX). Currently, the oil is trading higher and is moving towards the $55.25 - $55.70 resistance zone while the technical indicators seem to be in contrary with the price. The RSI indicator is sloping downwards, however, it still lies above 50 level. Furthermore, the MACD oscillator is falling within the positive territory. If there is no change on the indicators in the next few session, then a correction to the downside is possible as a negative divergence has been observed on MACD.

WTICrudeDaily130117.png

Published in Daily Market Report

Greenback expects Trump’s inauguration next week when potentially he will reveal his infrastructure plans. Though dollar's weakness pushed USD/JPY at a 5-week low and gold above $1,200. Sterling plunges after the announcement that U.K. PM May will give a speech next week on Brexit.

Wednesday, 11 January 2017 13:23

WTI Crude Oil Develops Flag Formation

Published in Commodites & Metals

The tendency in the WTI crude oil is still downtrend and perhaps the market participants have already started to pay more attention to the issues and rumors related with oversupply. WTI is forming technical “flag” formation and a break below $51.55 per barrel will confirm the model. In the short-term period, we expect that the downtrend will continue accelerating and potentially the levels from current market price may offer good opportunities for new sales with initial target at $50.70. In the next few days, we may even see more decrease towards $50.00 per barrel. However, the down way movement may be not with such clean movement, but with a lot of market noise and sharp movements.

The price is below the 50, 100 and 200 SMA which is a strong signal for a new possible decline. MACD is below zero line and shows a signal for divergence, but in order to be more significant would be good to have additional confirmation. RSI rebounded from 50 level and declined down to 41.32 signaling for new possible sell-offs. On the other hand, an alternative scenario is WTI to keep trading in strong downtrend channel and only a price breaking over $55.10 per barrel may bring some bullish momentum and sentiment directed towards the key level $56.60.

WTICrudeH1_11012017.png

Monday, 09 January 2017 09:26

WTI Crude Oil Hit a Fresh 17-Month High

Published in Commodites & Metals

Oil prices plunged early this morning as increased exports from Iran undermined efforts by other oil producers. The West Texas Intermediate (WTI) crude oil edged sharply higher over the last year while over the last week the oil printed a fresh 17-month high at $55.70.

After it hit the latter level, a pullback started while the price is moving sideways over the last three weeks. The WTI consolidates within the $52.65 support barrier and the $55.25 resistance level while now is trading near the $54.30 price level. Despite that, the oil is still developing in an ascending move since August 2016 and is moving well above of the rising line. However, if there is a break below the $52.65 support barrier will slip the price towards the $51.00 strong level. Otherwise, if the price surpasses the resistance area $55.25 - $55.70 to the upside, it will expose the oil towards the $56.50 obstacle. Currently, the price may retest the lower boundary of the trading range. The RSI indicator is moving within the 50 and 70 level with some weak momentum while the MACD oscillator is falling with solid move and it is holding below its trigger line.

WTICrudeDaily090117.png

Tuesday, 27 December 2016 08:52

WTI Fell Below the $54.00 Critical Level

Published in Commodites & Metals

Oil prices are trading sideways pre-New Year holiday trading session with markets adopting a wait-and-see stance less than a week before the first output cut deal agreed between OPEC and non-OPEC member in 15 years is scheduled to start.

The West Texas Intermediate (WTI) crude oil is looking bullish in the short-term timeframe, as well as, on the medium-term chart. The oil is creating an aggressive rally to the upside following the strong bounce off the 100-weekly SMA and is printing the second positive month in a row. The price is still developing in an ascending trend as it is trading well above the three SMAs (50-SMA, 100-SMA and 200-SMAs) on the daily chart, while the technical indicators lie on the positive territory. The RSI indicator is pointing upwards whilst the MACD oscillator holds below its trigger line and above the zero line. So, if the price surpasses the $54.00 strong psychological resistance barrier it will move towards the $55.25 level.

WTICrudeDaily271216.png

Published in Daily Market Report

The forex market yesterday experienced its most volatile day of the week due to the U.S. data came out. The greenback shored up against all the G10 currencies, as well as the shared currency, while the sterling plunged against its major peers due to the uncertainty that exists over Brexit.

Tuesday, 13 December 2016 08:16

WTI Jumped to 18-Month High

Published in Commodites & Metals

The second economic event flooded the headlines is the oil price that climbed at 18-month high yesterday, after OPEC and non-OPEC members sealed a deal to reduce oil production, in order to tackle global oversupply. Moreover, Saudi Arabia signaled that it’s ready for deeper cuts, leaving the door open for further oil output cuts that will send the oil prices higher.

The West Texas Intermediate (WTI) recorded a fresh 18-month high and reached the $55.30 resistance level over December 11th. The oil opened with a gap during Sunday’s session and broke the sloping rising channel to the upside. A correction to the downside is in progress for covering the gap and then back to the previous high. If the price breaks the new high to the upside, will move towards the next resistance level at $61.50. However, to the downside the next level to watch is the $52.25 barrier. On the daily chart, the RSI indicator is moving lower following the pullback on the 70 level.

WTICrudeDaily131216.png

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