Crude Oil Price Technical Forecast


Oil is stretching to continue bullish correction as WTI eyes 62.50. See the latest oil prices on the 19 February Crude Oil Price Technical Forecast.

19 February, GKFX – Crude oil prices are resuming the previous fledgling upwards trend, lifting in Asia markets with WTI nearing 62.40 and Brent trading at 65.35, as of writing.

Despite the recent selloff in commodities and equities, thanks to a souring of market risk appetite in the face of a rising interest yield environment for the first time in a decade, crude oil has managed to stage a comeback, with the commodity higher for that last three consecutive trading days, and looking to make it a fourth early in the week.

After the dramatic risk-based slide in oil prices, WTI and Brent have both recouped roughly half of the declines, though the technical traders will note this is also the 50.0 Fibo retrace territory, so the downside risk still remains for the liquid commodity. The US is still pumping record amounts of oil into the global market, and OPEC is still powerless to do anything about it.

19 February Crude Oil Price Technical Forecast

The recent pullback priced in a bottom at 62.50 for Brent and 59.00 for WTI, and Brent will soon run into resistance from the 34-day EMA at 66.25 soon, while WTI is currently trading over the 34-day EMA at 62.00, and will be looking for a decisive capture-and-close of the region to continue pushing higher.

Disclaimer

This article 19 February Crude Oil Price Technical Forecast was written by analysts at GKFX. The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice.

If such information is acted upon by you then this should be solely at your discretion and GKFX will not be held accountable in any way.

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