WTI
oil has had a very good bullish trend, even though OPEC has been thinking about
raising its production output. It seems like the shortage may continue to
support oil prices and on the weekly chart of WTI oil on the right side of the
image we can see that the instrument has been rising for two weeks now. At the
74.44 level, WTI oil has found a good resistance zone, but the price may
continue higher especially now that the golden cross has been confirmed on the
weekly chart. The gold cross is when the 55 period EMA crosses above the 200
period EMA and it has bullish implications in the midterm. Therefore, if the
price of WTI oil breaks above the 74.44 level, then it may reach the 77.00
level where we can find the 200 month EMA and which may act as resistance. To
the downside, the 68.00 level or the 62.00 level may act as support. Another
possible scenario is that the price may consolidate between the 74.44 level and
the 72.00 level without taking a clear direction.
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Well spotted! I'll keep it in mind.
ReplyDeleteIt's stalling for the moment.
ReplyDeleteWill keep this in mind.
ReplyDeleteThank you for the analysis.
ReplyDeleteGreat analysis as usual.
ReplyDeleteVery accurate analysis!
ReplyDeleteInteresting to see how this develops.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteI agree with your point of view.
ReplyDelete