{"id":6292,"date":"2021-04-08T08:05:00","date_gmt":"2021-04-08T07:05:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=6292"},"modified":"2021-04-09T16:01:08","modified_gmt":"2021-04-09T15:01:08","slug":"wti-oil-technical-analysis-major-breakout-looms","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-major-breakout-looms\/","title":{"rendered":"WTI Oil Technical Analysis &#8211; Major breakout looms"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"6292\" class=\"elementor elementor-6292\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-20460b1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"20460b1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a258d0a\" data-id=\"a258d0a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4faa4d9 elementor-widget elementor-widget-text-editor\" data-id=\"4faa4d9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>The price of <a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\" rel=\"noopener\">West Texas Intermediate oil<\/a> is trading in an increasingly narrow price range as market participants are becoming unsure as to which way oil prices are eventually going to break next.<\/p><p>WTI oil broke its four-month winning streak last month and closed March well under the $60.00 benchmark level. A lack of fresh downward momentum has caused traders to pause and reflect as to whether the worst of the selling pressure is over.<\/p><p>Bullish tones coming from the financial markets due to outperformance in the US economy in March has failed to lift WTI back towards the $60.00 level. Crude inventories declined 3.522 million barrels last week, compared with analysts&#8217; expectations for a draw of 1.436 million barrels.<\/p><p>The Energy Information Administration said in its Weekly Petroleum Status Report also decided to downwardly revise its production estimates for U.S. crude, to 10.9 million barrels for last week versus the previous week\u2019s 11.1 million BPD.<\/p><p>In terms of what the big oil companies are saying, <a href=\"https:\/\/bit.ly\/2Qy5FOX\" target=\"_blank\" rel=\"noopener\">Shell<\/a>, a major oil producer, which is also prevalent in many petrol stations across the globe, expects its fuel sales to fall or at best to be broadly steady for the first quarter.<\/p><p>The company also said it saw refined oil product sales at 3.7-4.7 million barrels per day for the first quarter compared, with just under 4.8 million BPD in the last quarter of 2020. It had previously forecast sales of 4-5 million BPD.<\/p><p>It is certainly possible that the price of WTI oil could remain capped below the $60.00 benchmark level and be set for more losses. Looking at the bigger picture, it can certainly be said that the oil market may need to see a strong demand return before a sustainable bid above $60.00 takes hold again.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d21153c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d21153c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-85090d8\" data-id=\"85090d8\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-98a51f9 elementor-widget elementor-widget-image\" data-id=\"98a51f9\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"293\" height=\"104\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/Crude-chart-1.png\" class=\"attachment-large size-large wp-image-6296\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d7bb955 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d7bb955\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4cb0cfa\" data-id=\"4cb0cfa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b029fe5 elementor-widget elementor-widget-text-editor\" data-id=\"b029fe5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>Market sentiment towards WTI oil slightly remains bullish, with some 56 percent of traders holding a positive outlook. This is not a strong sentiment skew, and it is hard to draw any solid conclusions from the current sentiment skew.<\/p><p><strong>WTI Oil Short-Term Technical Analysis<\/strong><\/p><p>The four-hour time frame shows that WTI oil has moved into an extended period of price consolidation. Typically, when the Bollinger Bands start to narrow or constrict then a directional breakout is close on the horizon.<\/p><p>In terms of near-term technical, a break from the $59.00 to $61.30 price range should set the tone for the next major move in WTI oil. The $63.00 level is the expected upside target, while the $56.00 level is seen as a likely downside target.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-38ad723 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"38ad723\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-e8fc425\" data-id=\"e8fc425\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3d3765d elementor-widget elementor-widget-image\" data-id=\"3d3765d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"344\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/crude-4h-1.png\" class=\"attachment-large size-large wp-image-6297\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e9cbcee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e9cbcee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ae588ed\" data-id=\"ae588ed\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-37a292e elementor-widget elementor-widget-text-editor\" data-id=\"37a292e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-16f494d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"16f494d\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-77c27dd\" data-id=\"77c27dd\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a5bbd58 elementor-widget elementor-widget-text-editor\" data-id=\"a5bbd58\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><strong>WTI Oil Medium-Term Technical Analysis<\/strong><\/p><p>Looking at the daily time frame a head and shoulders pattern appears to be forming, with bears needing to hold the price below the $57.80 level to activate the bearish price pattern.<\/p><p>It is noteworthy that the overall size of the price pattern is highlighting that a price decline of some $10.00 could take place if the price starts to break neckline support.<\/p><p>Overall, watch out for a major decline in oil prices if weakness starts to take hold below the $57.80 level on a multi-day basis.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-e5ed2f8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"e5ed2f8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-15a41b4\" data-id=\"15a41b4\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-5baea75 elementor-widget elementor-widget-image\" data-id=\"5baea75\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-image\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\">\n\t\t\t\t\t\t\t<img decoding=\"async\" width=\"624\" height=\"341\" src=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/crude-1d-1.png\" class=\"attachment-large size-large wp-image-6298\" alt=\"\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-da340d7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"da340d7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-05aee8e\" data-id=\"05aee8e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-67a5277 elementor-widget elementor-widget-text-editor\" data-id=\"67a5277\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p><a href=\"https:\/\/bit.ly\/3rb98T5\" target=\"_blank\" rel=\"noopener\">See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The price of West Texas Intermediate oil is trading in an increasingly narrow price range as market participants are becoming unsure as to which way oil prices are eventually going to break next. WTI oil broke its four-month winning streak last month and closed March well under the $60.00 benchmark level. A lack of fresh [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":6293,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4,7],"tags":[64,309,48],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>WTI Oil Technical Analysis - Major breakout looms - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-major-breakout-looms\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"WTI Oil Technical Analysis - Major breakout looms\" \/>\n<meta property=\"og:description\" content=\"The price of West Texas Intermediate oil is trading in an increasingly narrow price range as market participants are becoming unsure as to which way oil prices are eventually going to break next. WTI oil broke its four-month winning streak last month and closed March well under the $60.00 benchmark level. A lack of fresh [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-major-breakout-looms\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-08T07:05:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-09T15:01:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/04\/photo-1592438843499-ccc705205187.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"436\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-major-breakout-looms\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/wti-oil-technical-analysis-major-breakout-looms\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"WTI Oil Technical Analysis &#8211; 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