Mon, Jun 21, 2021 @ 22:36 GMT
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WTI Futures Head Up, Approaching 2½-Month High

WTI futures are heading slightly north after the decline from the two-month high of 66.73. In trend indicators, the 20- and 40-day simple moving averages (SMAs) are creating a bullish crossover, standing near the uptrend line. The RSI is confirming the recent upside move, while the MACD oscillator is still moving above its trigger and zero lines.

The price is trying to meet the next resistance of the two-and-a-half-year high of 67.96. If traders continue to buy the commodity, the price could hit the 75.24 inside swing high from July 2018 ahead of the 76.87 hurdle, being the top of September 2018.

In the case that oil retreats underneath the short-term SMAs and the ascending trend line, immediate support could be faced from 60.66 and 57.20. Below that, the 23.6% Fibonacci retracement level of the upward move 6.62-67.96 at 53.54 could attract attention ahead of the 49.40 support, which coincides with the 200-day SMA.

In brief, WTI looks predominantly positive in a longer timeframe and only a fall below the uptrend line and the 200-day SMA may change this outlook to negative.

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