- Analytics
- News and Tools
- Market News
- WTI Price Analysis: Bulls need validation from $111.50
WTI Price Analysis: Bulls need validation from $111.50
- WTI retreats from short-term key Fibonacci retracement level, stays near two-week top.
- MACD conditions, sustained trading beyond the key technical supports favor buyers.
- A convergence of 50-DMA, two-month-old rising support line challenges bears.
WTI crude oil prices pare intraday losses around $109.00 heading into Wednesday’s European session.
The black gold refreshed a fortnight top the previous day before taking a U-turn from $112.90. The pullback moves could be linked to the commodity’s inability to cross the 23.6% Fibonacci retracement (Fibo.) level of December 2021 to March 2022 upside.
However, the receding bearish bias of the MACD and the quote’s ability to stay successfully above the 50-DMA, as well as an upward sloping support line from late January, near $95.00-94 of late, keep the buyers hopeful.
Ahead of the $94.00 support, a monthly horizontal area between $100.00 and $101.00 will challenge the bears.
On the contrary, a clear upside break of the aforementioned Fibo level surrounding $111.50 could quickly jump to the early month peak near $114.50.
Following that, the $120.00 round figure and the monthly high of $126.51 should be eyed during the further upside momentum.
WTI: Daily chart
Trend: Further upside expected
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
