The U.S. West Texas Intermediate (WTI) crude oil futures contract, for front end delivery, has been range bound since the middle of last week. Looking at the above hourly MT 4 price chart, this spot contract has been oscillating between $41.50 and $42.40 per barrel.
With that said, the spot WTI contract is still trading within an upward sloping price trend channel that has been in play since the middle of November.
Looking at the economic calendar, the private IHS Markit firm will release their monthly first look non-manufacturing and manufacturing purchasing managers’ indices (PMI) for the European Union, United States and Germany. The Chicago Fed will also publish their monthly national activity index. Federal Reserve monetary policy member Daly is also giving remarks.
Looking at the economic calendar out of the United Kingdom, IHS Markit will release their monthly non-manufacturing and manufacturing purchasing managers’ indices (PMI). Also on the schedule, the Chief Economist for the Bank of England, Andy Haldane, is also giving a speech. His comments could move the broader financial markets.
Daily WTI Crude Oil Technical Analysis
Looking at price action, the spot WTI contract is trading aimlessly as risk appetite is quite indecisive for the time being. Price action seems to be content to trade well within that upwards trend channel and while above $42 per barrel, traders could now challenge the Friday high price point in play at $42.28 per barrel.
The next upside barrier lines up at the weekly high price point at $42.68 per barrel. A daily close above the latter level of technical resistance would be needed to see an upside break of the trend channel.
On the downside, of the U.S. spot oil contract pushes lower a daily close below the trend line would be needed to challenge the Thursday low price point in play at $41.25 per barrel. The next layer of technical support comes into play at $41 per barrel.