Crude Oil Price News and Forecast: WTI holding minor support at 5875/65

WTI Crude Oil: a break above 6000 takes us towards a selling opportunity

WTI Crude January Futures

WTI Crude trading sideways for a week in overbought conditions but with no sell signal yet we are likely to continue sideways, perhaps a little higher. We collapsed to 5810/00 & held, unfortunately not as far as our buying opportunity at 5785/75. Same levels apply for today.

Daily Analysis

WTI Crude holding minor support at 5875/65 again as I write to re-target 5915/25 before a retest of 5975/85. A break above 6000 takes us towards a selling opportunity at 6080/6100, with stops above 6140.

Below 5875/65 re-targets 5810/00 but try longs at 5785/75 with stops below 5750. A break lower is a sell signal targeting 5700/5690, perhaps as far as 5655/45. Read more…

Crude Oil (WTI) Intraday: expect 59.50

Pivot (invalidation): 58.60

Our preference

Long positions above 58.60 with targets at 59.20 & 59.50 in extension.

Alternative scenario

Below 58.60 look for further downside with 58.35 & 58.10 as targets.

Comment

The RSI is mixed to bullish. Read more...

WTI erases EIA-inspired losses, trades above $59

Crude oil prices registered losses on Wednesday pressured by the weekly data published by the US Energy Information Administration (EIA). However, the International Energy Agency (IEA) monthly report helped ease concerns over the global energy demand outlook and allowed oil prices to recover.

The barrel of West Texas Intermediate, which came within a touching distance of $58 on Wednesday, was last seen trading at $59.10, adding 0.5% on a daily basis. Read more...