WTI Crude Oil Gains Some Ground Within Trading Range
02.15.2023 By TankTerminals.com - NEWS

February 15, 2023 [ActionForex] – WTI crude oil futures’ price is gaining some ground after the strong bounce off the lower boundary of the trading range of 72.45-82.60.

 

The price is battling with the 20- and the 50-day simple moving averages (SMAs) and given that it is still below the long-term falling trend line, the outlook remains gloomy.

The stochastic oscillator is moving towards the overbought area, while the RSI is flattening near the neutral threshold of 50, so both are suggesting that the price may show some short-term? weakness.

If the market breaks down through the 50-day SMA, the 72.45 level could act as a temporary support level, just above the yearly low of 70.15. The December 2021 low of 65.87 might be reached in case of more declines.

On the other hand, if prices are able to break above the SMAs and the downtrend line, they may hit the upper boundary of the channel at 82.60. Moving higher, the 200-day SMA at 90.43 may halt the bullish actions, while traders could flirt with 92.30, shifting the outlook to positive.

In a nutshell, WTI futures are in a neutral mode in the medium-term timeframe and bearish in the long-term view. This outlook may change only if there is a jump beyond the 200-day SMA.

Book a demo to see how to offer, bid and book tank capacity globally.

Quick and easy.

China Exports More Fuel Than Expected
03.22.2023 - NEWS
March 22, 2023 [Energy Intelligence] – China’s combined exports of gasoline, diesel a... Read More
Why Brazil Looks to Boost Oil Refining Capacity
03.22.2023 - NEWS
March 22, 2023 [bnamericas] – After years of relative stagnation, Brazil is likely to resum... Read More
Iraq and UAE Spearhead Downstream Expansion
03.22.2023 - NEWS
March 22, 2023 [OilPrice.com] – Oil markets have been affected by financial market challeng... Read More
Sempra, ConocoPhillips Partner to Launch Port Arthur LNG Project in South Texas
03.22.2023 - NEWS
March 22, 2023 [World Oil] – Sempra announced that its 70%-owned subsidiary, Sempra Infrast... Read More