WTI Futures Remain Close To 11-Month High, Indicators Look Weak

WTI crude oil futures are continuing the long-term buying interest, reaching in the previous sessions an eleven-month high of 53.94. However, the upside momentum is a bit weak as the MACD is falling beneath its trigger line in the positive area, while the RSI is flattening below the overbought zone. Both are suggesting a possible downside retracement.


If the market moves higher, the bullish action may pause initially near the 57.40-59.64 zone before attention shifts to the 65.61 resistance, taken from the peak on January 8.


On the other hand, violating the 20-day simple moving average (SMA), could see losses extending towards the 49.40 support. Even lower, the bears could stall around the 40-day SMA currently at 48.53 and the uptrend line, which overlaps with the 46.13 support. Underneath this level, the 43.46 barriers and the 23.6% Fibonacci retracement level of the up leg from 6.62 to 53.94 at 42.77 could come into view.


In the long-term picture, WTI crude oil could continue its upside trend above 53.94, while a dive below the ascending trend line would bring a neutral-to-bearish outlook into play. It is also worth noting that the short-term SMAs keep distancing themselves above the 200-day SMA, raising optimism for a prolonged bull market.


2 views0 comments

Recent Posts

See All

Credit 

Caution:

Trading involves the possibility of financial loss. Only trade with money that you are prepared to lose, you must recognize that for factors outside your control you may lose all of the money in your trading account. Many forex brokers also hold you liable for losses that exceed your trading capital. So you may stand to lose more money than is in your account. Smart Analysis Pvt takes not responsibility for loss incurred as a result of our trading signals. By signing up as a member you acknowledge that we are not providing financial advice and that you are making a the decision to copy our trades on your own account. We have no knowledge on the level of money you are trading with or the level of risk you are taking with each trade. You must make your own financial decisions, we take no responsibility for money made or lost as a result of our signals or advice on forex related products on this website.

PayPal

Credit  & Debit Card

  • Black Facebook Icon
  • Black Instagram Icon
  • Black YouTube Icon

© 2023 by Personal Life Coach. Proudly created with Wix.com