Thursday 19th December

The daily chart shows a neutral longer-term outlook, with the price trading between key levels as it struggles to gain decisive momentum. The price is currently hovering near the 14-day SMA at 69.31 and the 50-day SMA at 70.16, signaling indecision. A downward sloping trendline dating back to May continues to cap upside potential, with the 200-day SMA at 76.39 reinforcing long-term resistance. Immediate support is seen at 66.69, a key level from previous lows. The Stochastic Momentum Index (SMI) is at 32.75%, showing a moderate recovery but lacking significant bullish momentum. If price manages to break above the 72.08 resistance, it could trigger further upside toward the 200-day SMA. However, failure to hold above the 69.31 level could see renewed downside pressure toward 66.69. Traders should watch for a break of these key levels, with stop losses placed above 72.08 for bearish trades or below 69.31 for bullish entries.

The 4-hour chart indicates a bearish short-term outlook as the price struggles to maintain momentum above the 200-period SMA at 69.62. Recent price action shows rejection near the upper boundary of the range at 70.21, followed by a pullback below the 14-period SMA. The 50-period SMA at 70.21 now acts as immediate resistance, with support seen at 68.69, a critical level that aligns with prior lows. The Stochastic Momentum Index is at 10.42%, suggesting oversold conditions, but no bullish divergence is visible yet, indicating the downside could persist. A break below 68.69 would confirm further weakness, with the next support at 66.69. Traders should favor bearish positions while the price remains below the 70.21 resistance, placing stop losses above this level to manage risk.

Wednesday 18th December

The daily chart for WTI Crude Oil reflects a neutral outlook as the price consolidates near the 14-day SMA (69.92) and 50-day SMA (70.17), with both levels acting as immediate resistance. Despite breaking out of a descending trendline, the price remains below the 200-day SMA (76.39), signaling that the broader trend is still bearish. The Stochastic Momentum Index (SMI) at 34.00% suggests improving short-term momentum, though it remains below overbought territory, allowing room for further upside. Immediate resistance lies at 72.08, followed by a stronger barrier at 75.30, where sellers have previously re-entered. On the downside, key support is at 68.69, with a further decline targeting 66.69. Traders should monitor a sustained close above 72.08 to confirm a potential trend reversal, while a failure below 68.69 would signal renewed downside pressure. Stops for long positions should be set below 68.69, with upside targets near 72.08.

The 4-hour chart paints a bearish short-term outlook as the price has sharply retraced from recent highs, now trading around the 200-period SMA (70.00), with the 14-period SMA (70.45) acting as near-term resistance. The 50-period SMA (69.64) is holding as support, but the broader price action shows lower highs, signaling weakness. The Stochastic Momentum Index (SMI) at -27.87% indicates bearish momentum, aligning with recent selling pressure. Immediate resistance stands at 70.45, with a break above potentially targeting the upper barrier at 72.08. However, failure to hold above the 69.64 support could open downside targets at 68.69 and 66.68. Traders should look for short opportunities on rallies toward 70.45, with a stop loss above 72.08 and a downside target near 68.69.

Tuesday 17th December

The daily chart shows a neutral outlook as price attempts a breakout from a descending trendline (orange) after a prolonged downtrend. Price is trading near the 14-day SMA (69.16) and just above the 50-day SMA (70.33), indicating short-term momentum is improving. However, the 200-day SMA (76.47) remains above as a significant longer-term resistance level. The stochastic momentum indicator (SMI) at 15.68% is turning upward, suggesting recovering momentum, though it remains well below overbought levels. Immediate resistance is at 72.08, which aligns with horizontal resistance, followed by the 200-day SMA at 76.47. Support lies at 69.16 (14-day SMA), with a break below exposing 66.69 as the next downside target. Traders should wait for confirmation of a breakout above 72.08 before adopting a bullish bias, with a stop loss placed below 69.00 to manage risk.

The 4-hour chart reveals a bullish short-term outlook as price consolidates above the 14-period SMA (70.63) and the 50-period SMA (69.26), while approaching the key resistance at 72.08. The 200-period SMA (68.67) provides additional support, reinforcing a potential bullish reversal structure. Price action remains constructive, having broken above the descending trendline, signaling a shift in momentum. The stochastic momentum indicator (SMI) at 43.01% remains elevated but shows signs of leveling off, which may lead to a brief consolidation before further upside. Immediate resistance lies at 72.08, and a breakout above this level could target 74.00. On the downside, support is seen at 70.63 (14-SMA), with further key support at 69.26. Traders can look to target 72.08, with a stop loss placed below 69.26 to protect against downside risk.

Monday 16th December

The WTI daily chart shows a neutral longer-term outlook, with price action attempting to break above a descending trendline from July highs while still trading below the 200-day SMA (76.51) and the 50-day SMA (70.47). The recent upward move has pushed the price above the 14-day SMA (69.07), reflecting short-term strength. However, the overall trend remains sideways, with price contained between support near 66.69 and resistance at 72.08. The Stochastic Momentum Indicator (SMI) has turned upward from oversold conditions, currently at 0.69%, signaling increasing bullish momentum. Immediate resistance is seen at 72.08, followed by a major barrier at the 200-day SMA near 76.51. Support lies at 69.07 and further down at 66.69. Traders should monitor for a decisive breakout above 72.08 to confirm a shift to bullish, with a stop loss below 69.00 to manage downside risk.

The 4-hour chart reflects a short-term bullish outlook as price has broken above the 50-period SMA (69.13) and the downward-sloping trendline, confirming a reversal. The 14-period SMA (70.41) is now acting as immediate support, with price approaching key resistance at 72.08. The 200-period SMA (70.00) lies just below, supporting the bullish structure. The Stochastic Momentum Indicator (SMI) is in overbought territory at 72.67%, suggesting that while momentum is strong, a short-term pullback may occur before further upside. Resistance at 72.08 is critical for continuation; a breakout would expose the next target near 74.00. Support lies at the 14-period SMA near 70.41 and the psychological level at 70.00. Traders should consider a stop loss below 69.50, aligning with the bullish trend while targeting resistance at 72.08.

Friday 13th December

The daily chart reflects a neutral bias as the price remains between key levels. The 14-day moving average (blue line) at 68.95 and the 50-day moving average (pink line) at 70.56 are close, indicating a lack of a clear trend. The 200-day moving average (green line) at 75.31 remains a significant resistance level. The price has recently broken above a descending trendline (orange line), signaling potential bullish pressure. However, the Stochastic Momentum Index at -16.15% shows limited upward momentum, suggesting caution in the longer-term outlook. A breakout above 70.56 could pave the way toward 75.31, while a break below 68.95 may lead to a test of 66.69. Traders should place stop-loss levels below 68.95 to manage downside risk.

The 4-hour chart presents a bullish short-term outlook, as the price has broken above a descending trendline and is trading above the 14-period moving average (blue line) at 69.94 and the 50-period moving average (pink line) at 68.94. The 200-period moving average (green line) at 70.56 serves as immediate resistance. The Stochastic Momentum Index at 61.54% confirms upward momentum, reinforcing the bullish tone, though it signals a possibility of slowing momentum as it nears overbought levels. A breakout above 70.56 could lead to further gains toward 72.08, while support at 68.94 offers a safety net for bullish trades. A break below this support could expose the price to 66.69. Traders should consider a stop-loss below 68.94 to limit downside risk in this bullish setup.