- Analytics
- News and Tools
- Market News
- WTI Price Analysis: Bears waiting to pounce but bulls are strong
WTI Price Analysis: Bears waiting to pounce but bulls are strong
- WTI bulls are attempting to correct and have formed a solid support ground.
- Bears could be willing to take the bulls on at a premium from below trendline resistance.
West Texas Intermediate, WTI, has rallied towards a key resistance area as the following charts will illustrate. However, while a subsequent sell-off might be expected while on the front side of the bearish trendline resistance, there has been a firm layer of support put together near $74.00. Nevertheless, while below $77.00, the bias is to the downside.
WTI daily chart
The trend is bearish while on the front side of the trendline and with room to go until $72.50.
WTI H4 charts
The prospects of a continuation of the correction toward $75.50s are good once $72.24 highs are cleared. However, given the firm support put in on the previous test to the downside, there is an even probability of a bullish continuation that could eventually take out the trendline resistance and open risks of a grind to the upside beyond $77.00 in a long squeeze back towards $79.00.
© 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
