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James Hyerczyk

U.S. West Texas Intermediate crude oil futures are trading higher on Monday after hitting their highest level in over a week after two large crude production bases in Libya began shutting down after forces loyal to commander Khalifa Haftar closed a pipeline. Trading was light with U.S. markets closed for the Martin Luther King Jr. holiday.

At 11:46 GMT, March WTI crude oil is trading $58.92, up $0.34 or +0.58%.

Daily March WTI Crude Oil

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through $57.42 will signal a resumption of the downtrend.

The main trend will change to up on a move through the last swing top at $65.40. This is highly unlikely, but there is room for a 50% to 61.8% retracement.

The main range is $58.18 to $65.40. Its retracement zone at $57.79 to $65.99 is a support area. This zone stopped the selling at $57.42 on January 15.

The short-term range is $65.40 to $57.42. Its retracement zone at $61.41 to $62.35 is the next potential upside target.

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Daily Swing Chart Technical Forecast

There is no “trigger point” in the market today. The price action is being fueled by news driven momentum.

Taking out the intraday high at $59.77 will indicate the buying is getting stronger. It could be speculative buyers or short-covering driving the price action. If this continues over the near-term then look for the rally to possibly extend into at least $61.41.

If a new minor range forms between $57.42 and $59.77 then look for a potential intraday retracement into its 50% level at $58.60. If buyers come in on a test of this level then look for the rally to possibly resume this week.

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