简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:WTI snaps four-day uptrend, steps back from the highest levels since early August.
WTI Price Analysis: Eases from six-week top above $72.00 but bulls stay hopeful
WTI snaps four-day uptrend, steps back from the highest levels since early August.
Bullish MACD, sustained break of the key trend lines and 100-DMA favor buyers.
WTI consolidates weekly gains around multi-day high, 0.20% intraday near $72.20 during early Thursday. The oil benchmark jumped to the highest level since August 02 but failed to cross 23.6% Fibonacci retracement of May–July upside.
Even so, bullish MACD and the commoditys ability to cross monthly resistance line, descending trend line from early July, also stay firmer beyond 100-DMA, keep WTI oil buyers hopeful.
During further pullback, an ascending resistance-turned-support line from August 12, near $71.15 offers immediate support ahead of the downward sloping trend line from July close to $69.20-15.
Its worth noting that the $70.00 threshold and 100-DMA, around $69.00, add to the downside filters for the energy benchmark.
Meanwhile, an upside clearance of the 23.6% Fibonacci retracement level of $72.85 will aim for July 30 top of $73.88 and the mid-July peak surrounding $75.00.
However, a sustained run-up beyond the $75.00 round figure wont hesitate to challenge the yearly top marked in July around $76.40.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.