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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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Written by experienced traders and professional market analysts, our Forex technical analysis is just what you need to get an edge in your Forex trading
