WTI creeping up towards the hourly cloud resistance, bulls eye a break to $57.85/93 double-tops


  • WTI stabilising towards a test of hourly cloud resistance at 56.55.
  • Supply-side bias data from the EIA reports a larger-than-expected increase in crude oil stocks.

West Texas Intermediate crude for April dropped 34 cents, or 0.6%, to settle at $56.22bbls on the New York Mercantile Exchange overnight following data from the EIA that reported a larger-than-expected increase in crude oil stocks. The supply biased data sent prices to a low of $55.69bbls on a spot basis. However, prices were bid up from there and the price went on to rally to $56.63bbls before a mean reversion of the day's range back to $56.20bbls before drifting north to current levels. 

The EIA reported that U.S. crude supplies climbed by 7.1 million barrels for the week ended March 1, above the average climb of 1.9 million barrels expected by analysts, although slightly under the 7.3 million barrel increase reported by the American Petroleum Institute data the prior day. 

WTI levels

WTI's correction lacks momentum and prices remain fragile around the trend line support est.11th Feb. Bears can target 55.56 lows seen at the start of this month if bulls cannot break up through the hourly cloud. A slide below 55.56 opens the path to the 50 handle with the confluence of the 23.6% fibo target at 50.20. However, the 4hr outlook is more bullish with MACD and RSI leaning with a positive bias although criteria for an Ichimoku Cloud long was jeopardised with the price dropping below the cloud. On the upside, with support coming in at the 100-4hr SMA overnight, bulls have eyes on a target of the recent tops of 57.85/93 double-tops.

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Next upside target comes at 0.6550

AUD/USD: Next upside target comes at 0.6550

AUD/USD managed well to shrug off the marked advance in the Greenback as well as geopolitical tensions, regaining the area above the 0.6500 hurdle ahead of preliminary PMIs in Australia.

AUD/USD News
EUR/USD: Further losses now look at 1.0450

EUR/USD: Further losses now look at 1.0450

Further strength in the US Dollar kept the price action in the risk-associated assets depressed, sending EUR/USD back to the 1.0460 region for the first time since early October 2023 prior to key releases in the real economy.

EUR/USD News
Gold faces extra upside near term

Gold faces extra upside near term

Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. Markets await comments from Fed policymakers.

Gold News
Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally

Ethereum Price Forecast: ETH open interest surge to all-time high after recent price rally

Ethereum (ETH) is trading near $3,350, experiencing an 10% increase on Thursday. This price surge is attributed to strong bullish sentiment among derivatives traders, driving its open interest above $20 billion for the first time. 

Read more
A new horizon: The economic outlook in a new leadership and policy era

A new horizon: The economic outlook in a new leadership and policy era

The economic aftershocks of the COVID pandemic, which have dominated the economic landscape over the past few years, are steadily dissipating. These pandemic-induced economic effects are set to be largely supplanted by economic policy changes that are on the horizon in the United States.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures