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WTI Price Analysis: Oil hits 13-month high, challenges 13-year bearish trendline

Written by By Omkar Godbole | 2021-02-23 03:28:23 GMT
  • The US oil prices rise to the highest level in 12 months. 
  • The monthly chart shows prices are flirting with a major bearish trendline.

West Texas Intermediate (WTI) crude is trading at $62.77 per barrel at press time. 

That's the highest level since January 2020, and the resistance of the trendline falling from July 2008 and July 2014 highs. 

Expectations of a swift vaccine-led global economic recovery and the recent cold blast in Texas have powered the North American oil benchmark to multi-year highs. 

A break above that trendline hurdle would mark a reversal higher from decade-long bearish price action and shift focus to $66.60 (April 2019 high). 

Analysts at Goldman Sachs have reportedly raised their 2021 WTI price forecast to $66 per barrel from $58 per barrel. The following year, the oil benchmark is seen rising to $67 per barrel versus the previous $62 per barrel projection. 

Monthly chart

Trend: Bullish

Technical levels

WTI

Overview
Today last price 62.77
Today Daily Change 1.26
Today Daily Change % 2.05
Today daily open 61.54
 
Trends
Daily SMA20 57.04
Daily SMA50 52.93
Daily SMA100 47.38
Daily SMA200 43.53
 
Levels
Previous Daily High 61.77
Previous Daily Low 58.81
Previous Weekly High 62.25
Previous Weekly Low 58.58
Previous Monthly High 53.94
Previous Monthly Low 47.26
Daily Fibonacci 38.2% 60.64
Daily Fibonacci 61.8% 59.94
Daily Pivot Point S1 59.64
Daily Pivot Point S2 57.75
Daily Pivot Point S3 56.68
Daily Pivot Point R1 62.6
Daily Pivot Point R2 63.67
Daily Pivot Point R3 65.57

 


 

Author

By Omkar Godbole
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