WTI crude oil was approaching key resistance
WTI crude oil
Crude Oil
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
Crude oil is the most popular tradable instrument in the energy sector, offering exposure to global market conditions, geopolitical risk, and economics. The instrument is strategically relied upon and situated in the global economy. Crude oil has proven to be a unique option for traders given volatility and the efficacy of both swing trading and longer-term strategies. Despite its popularity, crude oil is a very complex investing instrument, given the litany of fluctuations in oil prices, risk,
Read this Term futures
Futures
Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as
Futures or a futures contract represents a legal agreement to buy or sell a security or asset at a predetermined price at a specified time in the future. Of note, the parties are not known to each other.These transactions usually involve commodities or other securities involving the buying and selling for a forward or predetermined price.Futures also adhere to a delivery date, which specifies the date of delivery and payment. Relative to other forms of investing futures are much more complex, as
Read this Term are trading higher by about $0.84 or 0.99% at $81.40. The high price today has reached $81.72. That took the price to the highest level since April 17.
Looking at the daily chart, the price moved above its 200-day moving average last Monday (July 24). Since then, the price has continued its march to the upside with 4 of the last 5 days higher. The price is also working on its 7th day to the upside out of the last 8 trading days.
Continued momentum is targeting a KEY swing ceiling area going back to November 18 (see yellow area and red numbered circles).
Looking at the daily chart there are a number of swing highs between $82.48 and $83.44 over that time period, with the last highs within that area from April 12 to April 17.
That ceiling area is a key target and will be a key barometer for both buyers and sellers. Moving above the area would be more bullish. Staying below would keep the ceiling in place.
On the downside, watch the $79.00 for short-term clues. Move below that level (see green numbered circles on the chart above), and there could be a further corrective move toward the 200-day MA
WTI is having its best month since January 2022 (up 15.23%). The buyers are in control, but be aware of the key resistance above.
