Corona Virus
Stay Safe, FollowGuidance
Fetching Location Data…
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.


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.

Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.