WTI Price Analysis: Bulls flirt with $48.00 as 100-HMA restricts immediate downside

WTI prints 0.55% fantastic components even as taking rounds to $48.00 in improve of Tuesday’s European session. In doing so, the electrical energy benchmark continues 100-HMA as the key information at the same time as respecting signals from RSI and the MACD.

That said, the black gold at present interests 61.8% Fibonacci retracement of its December 18-23 downturn, spherical $48.20, a spoil of which will propel the quote in the path of the weekly high, as right as extra than one lows marked on December 18, shut to $49.00.

If at all the commodity bulls manipulate to go the $49.00 threshold, the month-to-month pinnacle and early February lows close to $49.40/45 maintain the keys to the in addition upside nearer to the $50.00 round-figure.

Meanwhile, a draw again smash of 100-HMA, currently shut to $47.70, can have $47.50/55 as an intermediate formerly than eyeing the $47.00 support.

In a case the location the oil retailers maintain reins past-$47.00, $46.60 and the December 23 bottom surrounding $46.20 can return to the chart in increase of highlighting the month-to-month low shut to $44.00.


Read Previous

Gold Price Analysis: XAU/USD trades with modest gains, lacks follow-through

Read Next

USD/JPY remains on the defensive, holds above mid-103.00s

Leave a Reply

Your email address will not be published. Required fields are marked *