Friday, March 9, 2018
Incredible comeback on oil
WTI
oil rally today after the better than expected NFP numbers out of the US. Even
though the wages did not rise as expected, the jobs number was enough to send
the main US stock indices rallying more than 1%. The rally also extended to oil
and that is why we are seeing a green bullish engulfing candle on the daily
chart of WTI. The rally took the price above the 61.00 level and above the 55
day EMA. In case of continuing rising, the price of WTI oil could reach the
64.00 level or the 65.00 level, area that could act as resistance. On the other
hand, if the price drops back down for whatever reason, the 58.00 level could
act once again as support, due to the fact that exactly at that level we have
the 200 week EMA. Below the 58.00 level, the next support level could be the
200 day EMA, around the 56.00 level.
Subscribe to:
Post Comments (Atom)
WTI oil at the 200 day EMA
WTI oil breaks below the 66.27 support zone and accelerates its bearish momentum towards the 200 day EMA around the 64.30 level. We have b...
-
Great events, great Webinars during this month of November by ActivTrades. Paul Wallace will be conducting an interesting event on Thursday... -
The Dow Jones industrial index reaches for the first time in its lifetime the 20000 points, prolonging what it has come to be known as “the ... -
The EUR/USD has made a very good bearish retracement from the 200 day EMA around the 1.0770 level, which has taken it below the 1.0700 leve...
Very helpful analysis.
ReplyDeleteThank you for the analysis very helpful.
ReplyDeleteIt will likely continue rallying.
ReplyDeleteI agree with your assessment.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteGreat review!
ReplyDelete