WTI oil prices rose slightly at market opening today

WTI oil prices rose 0.73% today after plunging last weekend. From the XTIUSD chart we can see the price of WTI oil rising from a low of 77.69 now at 78.28.

Today some banks are not operating because they are closed, such as in Japan and the UK. This may affect the decline in currency transaction volume.

In other news, according to Oilprice, the G7 countries, the United States, Britain, Italy, France, Japan, Germany and Canada this week reached an agreement to end the use of coal for electricity generation by 2035. Will they succeed because so far coal contributes up to 15% of the country’s energy mix? Although this might also affect oil because using renewable energy is considered to be more environmentally friendly.

Technical analysis of oil today

WTI oil price opened at 77.88 and has risen to 78.31 today. On the daily timeframe we see oil prices moving near the lower band line. Bollinger bands that appear to expand reflect increased market volatility.

Based on price history, WTI oil fell after breaking out the psychological level of 80.00. On the daily timeframe we also see the 50 MA above the price forming a flat channel which reflects a trend transition signal.

On the other hand, the RSI indicator is pointing at level 34, indicating that prices are moving below the downtrend level near the oversold zone.

H1 timeframe

In this time frame, the price of WTI oil moves below the middle band line, bouncing after touching the lower band line. The indicator’s expanding Bollinger bands reflect increased volatility.

MA 50 above the middle band line draws a downward channel indicating a market downtrend.

The RSI indicator points to level 43 which reflects the price moving below the downtrend level.

Support and resistance

S3: 77.69 S2: 77.82 S1: 77.9 PP: 78.03 R1: 78.11 R2: 78.24 R3: 78.32