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WTI Crude – Breakout imminent?

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A strong rebound

Oil prices have rebounded strongly over the last couple of weeks, with WTI coming within a whisker of $70 before profit-taking kicked in.

The pullback today was short-lived and after falling close to $67 it recovered the bulk of the losses to trade in between two key technical levels.

Above, $70 is an important psychological barrier that coincides with the 200/233-period SMA band on the 4-hour chart. This is also around the 55/89-day SMA band.

Below, the 55/89-period SMA on the 4-hour chart coincides with support over the last week that has been tested on a number of occasions this past week.

A breakout in either direction may indicate the direction of travel in the coming weeks.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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