- Analytics
- News and Tools
- Market News
- WTI Price Analysis: Mildly offered around $118.00, weekly support defends buyers
WTI Price Analysis: Mildly offered around $118.00, weekly support defends buyers
- WTI grinds lower amid sluggish RSI, MACD, reverses previous day’s gains.
- 200-HMA adds to the downside filters, ascending trend line from May-end guards immediate upside.
WTI crude oil prices pare the previous day’s gains, around $118.00 as sluggish oscillators fail to extend the recovery moves even as the short-term support limits immediate downside. That said, the black gold remains indecisive heading into Wednesday’s European session.
It’s worth noting that the market’s indecision, as well as the recent US dollar rebound and recession fears, may weigh on the black gold prices.
However, one-week-old horizontal support of around $116.35-45 can challenge the energy bears. Also acting as a downside filter is the 200-HMA level of $115.35.
In a case where the WTI prices drop below $115.35, the odds of witnessing a slump towards the monthly low near $110.00 can’t be ruled out.
Meanwhile, recovery moves need validation from an upward sloping trend line from May 31, at $119.50 by the press time.
Following that, the $120.00 round figures could offer an intermediate halt during the run-up to refresh the yearly high, currently around $126.50.
WTI: Hourly chart
Trend: Bullish
© 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
