Thursday 12th December

The daily chart for WTI Crude Oil exhibits a neutral longer-term bias as the price consolidates between key resistance and support levels. The 14-day moving average (blue line) at 69.05 and the 50-day moving average (pink line) at 70.65 have been tested as overhead resistance, while the 200-day moving average (green line) at 76.60 remains a distant target, highlighting a longer-term bearish structure despite recent rebounds. The price is trading near the descending trendline (orange), which has capped rallies since May, with the recent breakout above 69.05 suggesting a potential shift in momentum. The Stochastic Momentum Index (SMI) at -28.77% indicates oversold conditions, supporting the likelihood of a short-term rally. Immediate resistance is seen at 70.65, with a move above targeting 72.08. Conversely, failure to hold above 69.05 could see the price retest 66.69, with broader bearish implications. Traders are advised to set stop losses below 68.00 when trading long.

The 4-hour chart shows a bullish short-term outlook for WTI Crude Oil, with the price breaking out above the descending trendline (orange) and consolidating above the 50-period moving average (pink line) at 68.75. The 14-period moving average (blue line) at 69.48 is providing near-term support, with the 200-period moving average (green line) at 70.00 now serving as an immediate resistance. The breakout aligns with the SMI at 81.40%, signaling strong upward momentum. A sustained move above 70.00 could open the path toward 72.08, while a failure to hold above 68.75 might trigger a pullback toward 66.69. Traders should maintain stop losses below 68.75 when taking long positions, given the recent strength and momentum confirmation.

Wednesday 11th December

The daily chart reflects a bearish longer-term outlook, with the price trading below the 200-day (green), 50-day (pink), and 14-day (blue) moving averages, at 76.65, 75.31, and 72.08, respectively. A descending trendline (orange) further confirms the downtrend, with price respecting this resistance. The Stochastic Momentum Index is at -37.10%, indicating bearish momentum and no immediate signs of reversal. Resistance is present at 72.08, aligning with the 14-day moving average, followed by 75.31 at the 50-day moving average. Immediate support lies at 69.04, with a further downside target of 66.68, representing recent swing lows. A break below 69.04 would likely see further downside acceleration. Traders may consider short positions with a stop loss above 72.08 and a downside target of 66.68.

The 4-hour chart presents a neutral short-term outlook as the price attempts to stabilize near the 14-period moving average (blue) at 68.86. The 50-period (pink) and 200-period (green) moving averages at 68.66 and 69.50, respectively, are nearly converging, indicating a consolidation phase. The Stochastic Momentum Index is at 30.88%, suggesting a potential short-term recovery, but no significant momentum shift is evident. Immediate resistance is at 69.50, near the 200-period moving average, with stronger resistance at 70.00. Support lies at 68.16, with a further downside target of 66.68 if selling resumes. Traders should await a breakout above 69.50 or a breakdown below 68.16 for clarity, with stop losses placed in accordance with the breakout direction.

Tuesday 10th December

The daily chart shows a bearish longer-term bias as the price continues to trend below the 200-day moving average (green line) at 76.08, which serves as a key resistance. The 14-day (blue) and 50-day (pink) moving averages at 68.26 and 70.73, respectively, are also acting as resistance, reinforcing the downtrend. The price is also below a descending trendline (orange), indicating continued selling pressure. The Stochastic Momentum Index (SMI) is at -32.43%, reflecting weak momentum with no immediate signs of a reversal. A breakdown below the 68.26 level could lead to a decline toward the 66.69 support zone. However, a close above 70.73 may invalidate the bearish outlook. Traders should consider a stop loss above 70.73 while targeting downside levels.

The 4-hour chart reflects a bearish short-term outlook, with the price trading below the 200-period moving average at 70.58, confirming downward momentum. The 14-period (blue) and 50-period (pink) moving averages at 68.73 and 70.58, respectively, act as near-term resistance. The descending trendline (orange) adds additional selling pressure. The SMI has dipped to -10.77%, indicating fading bullish momentum from the recent bounce and a likely continuation of the downward trend. Immediate support is seen at 68.26, with a potential move lower to the 66.69 level if selling persists. Short positions are recommended with a stop loss above 68.73 to manage risk effectively.

Monday 9th December

The daily chart exhibits a bearish longer-term bias, with the price trading below all major moving averages. The 14-day moving average (blue) at US$68.28 is sloping downward, reflecting ongoing selling pressure. Meanwhile, the 50-day moving average (pink) at US$68.87 and the 200-day moving average (green) at US$70.71 are also trending lower, emphasizing the bearish sentiment. A descending trendline further reinforces this outlook, capping recent price attempts to rebound.The Stochastic Momentum Index (SMI) shows a momentum divergence, as the price prints new lows while the SMI moves out of oversold territory. This suggests potential exhaustion in the downtrend, though confirmation of a reversal is lacking at this stage. If the price breaks below the immediate support at US$67.29, further downside to US$66.00 is likely. However, a break above resistance at US$70.74 could shift the outlook toward neutral. For bearish trades, stop losses are advised above US$70.74 to guard against unexpected recoveries.

The 4-hour chart confirms a bearish short-term outlook as the price remains below the downward-sloping 14-period (blue) and 50-period (pink) moving averages. The 200-period moving average (green) at US$68.71 is also above the current price, signaling strong overhead resistance. A descending trendline offers additional confirmation of the bearish trend. The Stochastic Momentum Index reflects oversold conditions, suggesting a possible near-term bounce or consolidation. However, the downward momentum remains intact, and any bounce toward resistance at US$68.87 or US$70.28 would likely face renewed selling pressure. If the price breaches support at US$67.29, further declines toward US$66.69 are probable. Traders should consider a stop loss above US$68.87 to mitigate risk in case of a sharp reversal.

Friday 6th December

On the daily timeframe, WTI crude oil is showing a bearish outlook, with the Stochastic Momentum Indicator (SMI) at -17.95%, indicating a decline in momentum. Price is currently trading below the 14-day SMA (69.34), 50-day SMA (70.78), and 200-day SMA (76.81), confirming the overall bearish trend. The market is near the dynamic line at 68.58, which is acting as immediate support. A break below this level could see further downside towards the next support zone near 67.50, potentially testing lower levels around 65.00. The negative SMI suggests that further bearish momentum is likely, as the market has failed to reclaim higher ground, particularly around the 50-day SMA at 70.78. Traders could look for selling opportunities with a stop loss placed just above the 50-day SMA at 70.78 to manage risk effectively if the market continues its downward trajectory.

On the 4-hour timeframe, WTI crude oil continues to reflect a bearish short-term bias, with the SMI at -43.5%, suggesting significant downward momentum. Price is trading below both the 14-day SMA (69.34) and the 50-day SMA (69.07), which are acting as resistance levels. The 200-day SMA (69.83) is slightly higher, reinforcing the bearish pressure, with resistance near 69.83 acting as a key level to watch for a potential reversal. The price is currently approaching the dynamic line at 68.58, which may provide support in the short term. A break below this support could lead to a test of 67.50 or lower, reinforcing the bearish outlook. Given the negative SMI, it’s likely that the market will face continued selling pressure. Traders could consider setting a stop loss just above the 200-day SMA at 69.83 to manage risk while trading in the direction of the trend.