WTI crude oil is clearly in an uptrend having risen approximately 30 per cent since the beginning of the year due to increased global demand for oil in particular from emerging markets. Additionally successful OPEC production cuts and tighter oil supply due to US sanctions on Venezuela and Iran have tightened supply bolstering oil prices. The 20 day moving average of $59.64 has risen through the longer-term 100 day moving average of $53.78 indicating a buy alert. Also, the 50 day moving average currently at $56.81 has crossed the 100 day moving average confirming the buy signal. Therefore overall we are bullish but there is Fibonnaci resistance at $63.73 which we would want WTI crude oil to rise above before continuing it's uptrend towards the next Fibonnaci resistance level at $69.45. However a further weakening in global economic growth and an escalation of the US/China trade war could affect demand putting downward pressure on oil prices.
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