WTI Crude Oil (XTI/USD) Forecast Today Leans Higher

Daily outlook Bullish bias Oct 29, 2026, 12:39 UTC

Elena MarquezCommodities & Gold Analyst · ForexR analyst

WTI Crude Oil (XTI/USD) trades at 101.116 in the London and New York overlap, with all three trends up, the daily pivot at 101.064 just under price and the previous day high at 102.828 nearest resistance.

WTI Crude Oil Sits Just Above the Daily Pivot

In the London and New York overlap, WTI Crude Oil (XTI/USD) is trading at 101.116, between the daily pivot at 101.064 and R1 at 103.066. The trend evidence leans higher: nearest support is the daily pivot at 101.064, 0.05 dollars under the last print, and nearest resistance is the previous day high at 102.828, 1.71 dollars above.

Price is down 0.186 on the day, or 0.18%, from the previous close at 101.302. The day open is 101.285, the day high is 101.584 and the day low is 99.915. On the live WTI Crude Oil (XTI/USD) rate, the bid is 101.116 and the ask is 101.156, a spread of 0.04 dollars.

The day range is 1.67 dollars, 45% of the 14-day ATR at 3.75 dollars, so the range on the day is still inside that volatility reading. London closes at 16:00 UTC, and the active window is still the London and New York overlap.

Daily, Four-Hour and One-Hour Trends Agree

The daily trend is up. Price is above the 200-day EMA at 82.907, and it is also above the 20-day EMA at 96.552 and the 50-day EMA at 92.611.

The four-hour trend is up, with the 20-period EMA at 100.815 and the 50-period EMA at 99.532. The one-hour trend is up, with the 20-period EMA at 100.961 and the 50-period EMA at 100.845. Daily, four-hour and one-hour states all read up, so the timeframes agree.

Daily RSI is 63.4. Over five days price is up 3.77%, and over twenty days it is up 13.07%, even with the change on the day negative.

Nearest Levels, Pivots and the Two Ranges

The closest pair is support at the daily pivot at 101.064 and resistance at the previous day high at 102.828. On the pivot point map, the daily pivot is 101.064, R1 is 103.066, R2 is 104.83 and R3 is 106.832, while S1 is 99.3, S2 is 97.298 and S3 is 95.534.

The previous day high is 102.828 and the previous day low is 99.062. Yesterday's bar opened at 99.478 and yesterday's close was 101.302, with that day's range at 3.77 dollars, set against today's day range of 1.67 dollars.

The five-day high is 103.362 and the five-day low is 97.384. The twenty-day high is 103.362 and the twenty-day low is 86.296.

The round level below the last print is 101 and the round level above it is 101.5. The day high at 101.584 is above 101.5, while the day low at 99.915 is below 101 and above S1 at 99.3.

Bullish Path and Bearish Path

A break above R1 at 103.066 would open the way to R2 at 104.83, with 1.76 dollars between that trigger and that target. A move back below the daily pivot at 101.064 would invalidate that higher path.

The lower case is drawn from the other side of the pivot set: a break below S1 at 99.3 would open the way to S2 at 97.298, and the distance from that trigger to that target is 2 dollars. A move back above the daily pivot at 101.064 would invalidate it, and the last price at 101.116 is already above that pivot, while the day low at 99.915 has not reached S1 at 99.3.

Tomorrow's Calendar, News Tone and Positioning

No listed release falls in the rest of today's overlap. Tomorrow's US slate starts with the Employment Cost Index at 12:30 UTC, previous 0.9 and estimate 0.8, and the Chicago PMI at 13:45 UTC, previous 58.8 and estimate 56.1, both medium impact, as lined up on an economic calendar.

Also tomorrow, Fed's Daly speech is at 16:00 UTC and Fed's Musalem speech is at 16:30 UTC, both medium impact, with no previous reading and no estimate listed. The Baker Hughes US Oil Rig Count is at 17:00 UTC, low impact, previous 460 and no estimate listed.

According to CNBC and the WSJ, both headlines pair lower oil prices with the U.S.-Iran subject.

As of the week to October 20, large speculators were net long WTI Crude Oil (XTI/USD), 57.7% long against 42.3% short, a net 89325 contracts. Speculators reduced net long WTI Crude Oil (XTI/USD) from 100343 contracts the prior week, a change of -11018 contracts, and that report is positioning rather than a forecast.

At the October 28 close, the 2-year yield was 4.67%, down 3 basis points versus October 27, and the 10-year yield was 5.05%, up 6 basis points, with the 2-year/10-year gap at 38 basis points. The 3-month yield was 4.18%; those yields are rate context, not a demonstrated cause of the oil print.

News coverage volume stands at 167% of its 90-day average. The opportunity read is bearish at -17, a coverage score rather than trader positioning or a forecast, and it does not confirm the uptrend.

Bottom Line for the Overlap

WTI Crude Oil (XTI/USD) at 101.116 is 0.05 dollars above the daily pivot at 101.064 in the London and New York overlap, with daily, four-hour and one-hour trends all up and daily RSI at 63.4. Nearest resistance is the previous day high at 102.828; a break above R1 at 103.066 would open the way to R2 at 104.83, and a move back below the daily pivot at 101.064 would invalidate that view.

A break below S1 at 99.3 would open the way to S2 at 97.298, with the same daily pivot at 101.064 as invalidation. The day is down 0.18% inside a 1.67-dollar range, and the next listed US releases are tomorrow, not before London closes at 16:00 UTC.