OctaFX | OctaFX Forex Broker
Open trading account

WTI Price Analysis: Escalates recovery moves to fill the gap below $41.20

  • WTI extends pullback from the multi-year low.
  • 100-HMA, 61.8% of Fibonacci retracement can offer intermediate halts to revisit the previous week’s closing.
  • An ascending trend line since Monday limits immediate downside.

While following a short-term rising trend line from Monday, WTI takes the bids to $35.70 during the Asian session on Wednesday.

In doing so, the energy benchmark rises towards filling the week-start gap below $41.20. However, 100-Hour Simple Moving Average (HMA) near $39.00 can act as immediate resistance.

Following that 61.8% Fibonacci retracement of the black gold’s monthly declines, at $40.65 can act as an additional upside barrier.

It should, however, be noted that a 200-HMA level of $42.90 can challenge the oil price recovery beyond $41.20.

Meanwhile, a sustained decline below the immediate support line of $34.50 can take rest near $30.00 ahead of challenging the previous week’s low surrounding $28.80.

WTI hourly chart

Trend: Further recovery expected


BofA cuts 2020 global GDP forecast

Bank of America (BofA) has cut its forecast for global economic growth to 2.2% for 2020 from 2.8% estimated earlier, as noted by popular analyst Holge
Read more Previous

South Korea confirms 242 new coronavirus cases, 6 more deaths

The Korea Center for Disease Control and Prevention (KCDC) said on Wednesday, South Korea confirmed 242 new coronavirus cases, bringing up the total c
Read more Next
Start livechat