4-hour Chart – Short Term Outlook: Neutral

Wednesday 20th November

The daily chart shows a bearish longer-term bias for WTI Oil as the price remains below a downward sloping trendline (orange line), which has held since mid-year, reflecting persistent selling pressure. Currently, the price is trading below the 50-day moving average (pink line) at 71.07, with the 200-day moving average (green line) positioned higher at 77.32, confirming the bearish structure. The Stochastic Momentum Index is in oversold territory but has not yet indicated a reversal, suggesting further downside potential or at least consolidation around current levels. Immediate support is seen at 68.89, with a secondary target at 66.00 if bearish momentum continues. Resistance lies at 75.30, and only a sustained break above this level would indicate a possible shift in sentiment. Traders aligned with the bearish outlook may consider placing stop losses above the 50-day moving average to limit risk on any bullish reversals.

The 4-hour chart displays a neutral to slightly bullish short-term outlook as WTI Oil has recently broken above a shorter-term descending trendline, indicating a potential shift in short-term momentum. The price has also moved above the 50-period moving average (pink line) at 70.00, which could serve as a new support level, while the 200-period moving average (green line) at 71.12 is immediate resistance. The Stochastic Momentum Index is climbing out of oversold levels, suggesting that the current move could extend toward 71.12, with 72.08 as the next upside target if bullish momentum builds. However, support at 68.94 should hold for this bullish scenario to remain valid. Traders with a bullish bias in the short term may consider a stop loss below 68.94, as a break below this level would likely indicate a continuation of the bearish trend seen on the daily chart.

Tuesday 19th November 

The daily chart for WTI crude oil suggests a bearish longer-term bias, with the price trending below the 50-day (pink) and 200-day (green) moving averages, both of which are downward-sloping, underscoring the continuation of the bearish trend. The 14-day simple moving average (SMA) is also below the 50-day SMA, reinforcing the lack of bullish momentum. Immediate resistance is found at 75.30, with an additional resistance level at 77.38, which aligns with previous highs and the upper boundary of the descending trendline (orange). The Stochastic Momentum Index (SMI) is in oversold territory, indicating that while there is potential for a short-term bounce, the overall trend remains weak unless there is a decisive breakout above the 50-day SMA. Key support is located at 68.68, with further downside potential toward 66.00, a level not tested in recent months. For bearish positions, a stop loss above 75.30 would be prudent to protect against any unexpected reversal.

The 4-hour chart for WTI crude oil presents a neutral short-term outlook, with the price attempting to recover after recent declines but still constrained by the 50-period (pink) and 200-period (green) SMAs, which act as immediate resistance levels. The descending trendline from the daily timeframe is also visible here, further capping upward movement around 71.02. The Stochastic Momentum Index (SMI) has exited oversold territory and is now pointing upward, indicating the possibility of a short-term rally, although the broader trend suggests this may be limited. Immediate resistance is at 71.02, followed by a stronger level at 72.08, where prior resistance and the 200-period SMA converge. On the downside, initial support is seen at 68.15, with a further target at 66.68 if selling pressure resumes. Traders with a neutral-to-bearish view could consider positions near resistance with a stop loss just above 72.08, while short-term bullish trades should be cautious around the trendline resistance at 71.02.

Monday 18th November

The daily chart demonstrates a bearish longer-term outlook, with the price trading below both the 50-day SMA at 71.0171 and the 200-day SMA at 77.4002, indicating a strong downtrend. The price has recently failed to break above a descending trendline from the highs earlier in the year, adding further resistance to any potential upside. The Stochastic Momentum Index is in oversold territory, which could indicate a potential bounce, but without a break of resistance, any rally may be limited. Immediate resistance lies at 71.0171, followed by a more significant level at 75.3082. If the bearish momentum continues, support can be found at 66.6900, with a further downside target around 63.2000 if selling intensifies. Traders may consider placing a stop loss above 71.0171 for short positions to protect against a potential reversal.

On the 4-hour chart, the outlook remains bearish as the price trades below both the 50-period SMA at 69.8040 and the 200-period SMA at 71.4282, reinforcing the bearish trend. The price has recently failed to hold above 68.3004, turning this level into a near-term resistance. The Stochastic Momentum Index is in oversold territory, suggesting a potential for a brief consolidation or bounce; however, the trend remains downward unless the price can break above 69.8040. Immediate support is seen at 68.3004, with further downside potential towards 66.6900 if bearish pressure persists. Traders should consider a stop loss above 69.8040 to mitigate the risk of a reversal in the short-term bearish trend.

Friday 15th November

The daily chart displays a bearish longer-term bias as the price remains below key moving averages, with the 50-day moving average (pink line) around 71.05 and the 200-day moving average (green line) near 77.44, both of which are acting as resistance. This configuration suggests continued downward momentum. The price has recently failed to sustain a move above 71.05, reinforcing selling pressure, with the next downside target at the 68.69 support level. The Stochastic Momentum Index remains in the lower range, reflecting weak momentum that supports the bearish outlook. If the price manages to break below 68.69, the next support could be found near 66.00. A stop loss above 71.05 is advised for traders holding short positions to protect against potential reversals.

The 4-hour chart shows a neutral short-term outlook as the price has recently rebounded from the support level at 68.48 and is now consolidating between the 50-period moving average (pink line) at 70.31 and the 200-period moving average (green line) around 71.54. This consolidation indicates a lack of clear momentum, with both buyers and sellers remaining cautious. The Stochastic Momentum Index has moved up from oversold levels but is currently in mid-range, suggesting limited upside potential unless there is a strong breakout above 71.54. If the price breaks above 71.54, it could target 73.00; however, a move below 68.48 may open further downside to 66.00. Traders should consider a stop loss above 71.54 if shorting or below 68.48 if going long to manage risk effectively.