WTI holds above 88.66 support, with 106.75 resistance back in view
WTI crude settled at 103.27 on 23 October, up 1.8% over the week and up 11.8% over the past month. The close sits 11.1% above the 50-day moving average and 21.1% above the 200-day moving average. Brent crude, the other major benchmark, closed at 111.70 the same day, with nearest support at 97.36 and resistance at 126.10.
The daily trend rule reads Up, with price above a rising 50-day average (92.93) and that average above the 200-day average (85.29). The most recent confirmed swing low was 86.86 on 6 October, and the most recent confirmed swing high was 106.75 on 15 September, now the nearest resistance. Nearest support stands at 88.66, with 86.86 the next level below. On the weekly chart, the close is above both the 10-week average (94.23) and the 40-week average (86.69). The 52-week range runs from 54.98 to 119.48.
RSI (14) stands at 63, below the 70 level some traders associate with overbought conditions but well above 50, consistent with the Up trend reading. The last five daily closes show some swing - 103.66, 101.79, 97.15, 99.47, 103.27 - before recovering back near the recent high. The average daily range (ATR 14) is 4.38, a useful gauge of typical day-to-day movement in this market.
A daily close back below the 88.66 support, or below the 86.86 level beneath it, would signal weakening in the current Up trend and put the 200-day average near 85.29 in focus. A daily close below the rising 50-day average (92.93) would also be worth noting. On the upside, a daily close beyond resistance at 106.75 would put the next reference level, 109.47, in focus.
No scheduled event for this market in the calendar this week; see the Week ahead note.
- Daily prices: Yahoo Finance (CL=F); trend, levels and RSI computed by Praevis. NYMEX WTI futures (front month).