WTI Price Analysis: Oil hits 13-month high, challenges 13-year bearish trendline

The US oil prices rise to the highest level in 12 months.
The monthly chart shows prices are flirting with a major bearish trendline.

Omkar Godbole FXStreet Contributor

West Texas Intermediate (WTI) crude is trading at $62.77 per barrel at press time.

That's the highest level since January 2020, and the resistance of the trendline falling from July 2008 and July 2014 highs.

Expectations of a swift vaccine-led global economic recovery and the recent cold blast in Texas have powered the North American oil benchmark to multi-year highs.

A break above that trendline hurdle would mark a reversal higher from decade-long bearish price action and shift focus to $66.60 (April 2019 high).

Analysts at Goldman Sachs have reportedly raised their 2021 WTI price forecast to $66 per barrel from $58 per barrel. The following year, the oil benchmark is seen rising to $67 per barrel versus the previous $62 per barrel projection.

Monthly chart

Trend: Bullish

Technical levels

WTI

Overview
Today last price	62.77
Today Daily Change	1.26
Today Daily Change %	2.05
Today daily open	61.54

Trends
Daily SMA20	57.04
Daily SMA50	52.93
Daily SMA100	47.38
Daily SMA200	43.53

Levels
Previous Daily High	61.77
Previous Daily Low	58.81
Previous Weekly High	62.25
Previous Weekly Low	58.58
Previous Monthly High	53.94
Previous Monthly Low	47.26
Daily Fibonacci 38.2%	60.64
Daily Fibonacci 61.8%	59.94
Daily Pivot Point S1	59.64
Daily Pivot Point S2	57.75
Daily Pivot Point S3	56.68
Daily Pivot Point R1	62.6
Daily Pivot Point R2	63.67
Daily Pivot Point R3	65.57

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

EUR/USD eyes nine-day EMA barrier after rebounding from 1.1600

EUR/USD gains ground after registering modest losses in the previous session, trading around 1.1620 during the Asian hours on Friday. The technical analysis of the daily chart suggests an ongoing bearish bias as the pair remains within the descending channel pattern.

GBP/USD: Pound Sterling ticks up against US Dollar in countdown to US NFP

The Pound Sterling trades marginally higher to near 1.3365 against the US Dollar during the Asian trading session on Friday. The GBP/USD pair edges up as the US Dollar ticks down ahead of the United States Nonfarm Payrolls data for February, which will be published at 13:30 GMT.

Gold awaits US Nonfarm Payrolls for a clear directional impetus

Gold rebounds above $5,100 early Friday after testing the $5,050 level amid global sell-off. The US Dollar pulls back as profit-taking creeps in ahead of US labor data. For February. 21-day SMA holds amid bullish RSI; a daily closing above 61.8% Fibo is critical for Gold buyers.

Top Crypto Gainers: Lombard, Humanity Protocol, OKB rally on US Fed’s tokenized securities clarity, NYSE investment

Lombard, Humanity Protocol, and OKB rally over the last 24 hours, securing the top-gainer spots in the early Asian session. The US Federal Reserve issued clarity on tokenized securities, which expands its utility and reduces regulatory friction with US banks, driving the Real-World Assets tokenization crypto projects.

The market compass is pointing at a barrel of Oil

The Asian open is arriving with equities leaning the wrong way, and the reason is not complicated. The market’s compass needle has snapped firmly toward crude. In this tape, oil is not just another input price; it is the gravitational center around which every asset class is orbiting.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.