Monday, July 2, 2018

Possible bullish continuation on WTI oil

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.


9 comments:

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...