OctaFX | OctaFX Forex Broker
Open trading account
Back

WTI Price Analysis: Breaks monthly falling trendline, focus 21-day EMA

  • WTI extends recovery from the multi-week low.
  • Bearish MACD questions buyers but trend line break and a bounce from the key support favor the pullback.

WTI takes the bids to $51.33 during the Asian session on Thursday. The energy benchmark repeated the bounce off $49.40/50 support-zone as well as cleared the four-week-old resistance line, now support, during the previous day.

Buyers are now looking forward to January 29 high near $54.40 and 21-day EMA near $54.55 during the quote’s further upside.

However, lows marked during November 2019 will keep the black gold’s further upside capped near $54.85-$55.00

Alternatively, November 2018 low, high marked on January 04, 2019 and Wednesday’s bottom together constitute $49.50/40 as the key support.

Should bears manage to defy $49.40, late-December 2018 top surrounding $47.00 will return to the chart.

WTI daily chart

Trend: Further recovery expected

 

Coronavirus update: Hubei confirms 19,665 cases, death toll rises to 549

China’s Health Commission crossed wires, via Reuters, while providing the latest update on coronavirus. The statistics suggest that the total confirme
Read more Previous

Japan Foreign Bond Investment up to ¥-150.2B in January 31 from previous ¥-551.9B

Japan Foreign Bond Investment up to ¥-150.2B in January 31 from previous ¥-551.9B
Read more Next
Start livechat