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Somewhere Behind Bitcoin, WTI Oil Making New Yearly Highs

ByAlpari Research & Analysis
AuthorTomasz Wisniewski
Published 12/26/2017, 11:10 PM
BTC/USD
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Bitcoin stole the spotlight for almost every instrument on the market. We can get significant movements on other instruments, huge drops or impressive upswings but the first information on the news will still be a Bitcoin. For example Oil. Today, we just made the new yearly highs on the WTI and we are actually on the highest levels since the middle of 2015. Half a year ago that would be a headline. Now? Not so much.


Anyway, let us get into the detail here and let us see if this positive sentiment towards black gold is sustainable. The new yearly highs were more than expected. Positive sentiment on WTI is present on the charts since the beginning of November, when the price broke the resistance on the 55 USD/bbl (grey) and then defended that as a support. That time, we also broke the upper line of the channel up (black) formation which is characteristic for the strong up trends. Interestingly, that line was later used as a strong support and was a foundation of the symmetric triangle seen just recently.


About the triangle: that was a formation seen on the chart since the end of November. Usually it results with a trend continuation and that was the outcome here as well. Upper line of triangle was broken before Christmas and yesterday we broke another resistance – yearly highs on the 58.8 USD/bbl (green). That confirms a positive sentiment here and triggers another buy signal.


Looks like demand for the black gold is back and the faith in OPEC is big. The positive sentiment stays here as long as the price is above the grey horizontal support. Oil WTI

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