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Trading Idea on WTI Oil

By Research Team Monday, Feb 15, 2021
WTI Oil

    • 3.15pm ISTW1
    • High1228
    • Low1211
    • Close1227

A sharp breakout can be seen in Oil prices, testing one year highs i.e. pre-pandemic levels of $59-$60. Majorly, the growing optimism towards clearance of U.S stimulus bill worth $ 1.9 trillion within next two weeks remains positive for Oil prices since this may revive the consumption demand of Oil in U.S. Besides this, a recovery in global growth & progressive rolling out of Covid-19 vaccine in major economies pushed up the prices. The softening US Dollar amid global cues makes the currency-denominated commodities like Crude Oil more expensive. The recent U.S American Petroleum Institute (API) & Energy Information Administration (EIA) reports show a drop-down in Oil stocks & inventories level as compared to last week which further cushioned the prices. Furthermore, the OPEC & its allies agreed to extend oil output cuts in order to stabilize the Oil markets which added bullishness to prices. On technical terms, the WTI Oil is almost on the verge crossing over an upper trend-line of channel pattern & also, the RSI line is heading towards north side to test major resistance of level 70. Any corrective dips may be considered as a good buying opportunity in the commodity with an expected target of $62.80 which is a previous high as well. Breaching of same may lead to a strong breakout on long term basis.

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Weekly Outlook

WTI OIL

Intra Day
Near Day

Technical Levels

R3 73.04
R2 65.01
R1 62.28
Turnaround 56.98
S1 54.25
S2 48.95
S3 40.92
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