You are here: Home > articles > Forex > Technical Analysis – WTI futures advance to fortified technical region
Technical Analysis – WTI futures advance to fortified technical region
May 25, 2023 7:26 amVideo
Latest News
- Analysis of GBP/USD on April 26th. The pound trades on Friday without changes April 26, 2024
- USD/JPY: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- EUR/USD: Simple trading tips for novice traders on April 26th (US session) April 26, 2024
- GBP/USD: trading plan for the US session on April 26th (analysis of morning deals). The pound attempted, but it didn’t go April 26, 2024
- EUR/USD: trading plan for the US session on April 26th (analysis of morning deals). The euro continues to rise April 26, 2024
- Trading Signals for GOLD (XAU/USD) for April 26-29, 2024: buy above $2,324 and sell below $2,352 (21 SMA – 6/8 Murray) April 26, 2024
- Technical Analysis – AUDUSD set to complete best week of the year April 26, 2024
- Will Apple finally drop its AI hint? – Stock Markets April 26, 2024
- Bitcoin slips as markets pare back Fed rate cuts – Crypto News April 26, 2024
- EUR/USD. April 26th. Bulls continue to advance after the GDP report April 26, 2024
- Can Chinese PMIs solidify the economy’s recovery prospects? – Preview April 26, 2024
- Weekly Forex Outlook: 26/04/2024 – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- XM’s Lombok Collaboration: Brightening Futures April 26, 2024
- Week Ahead – Hawkish risk as Fed and NFP on tap, Eurozone data eyed too April 26, 2024
- Market Comment – Yen keeps sinking after Bank of Japan decision April 26, 2024
- Fed faces dilemma amid sticky inflation and slowing economy – Preview April 26, 2024
- USD/JPY: trading tips for beginners for European session on April 26 April 26, 2024
- GBP/USD: trading tips for beginners for European session on April 26 April 26, 2024
- EUR/USD: trading tips for beginners for European session on April 26 April 26, 2024
WTI oil futures (July delivery) have been steadily gaining ground after bouncing off 69.40 in mid-March. However, the uptrend seems to have paused at the congested region that includes the 50-day simple moving average (SMA), the upper boundary of the descending channel and the lower end of the Ichimoku cloud.
The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the stochastic oscillator is ascending in the overbought zone, while the RSI jumped above its 50-neutral mark.
Should the price manage to surpass the fortified area, immediate resistance could be met at the 75.70 hurdle. Jumping above that zone, WTI futures may ascend towards the March high of 81.00 or higher to test the 2023 peak of 83.40. Further advances could then cease at the November 2022 high of 92.50.
On the flipside, if the bulls fail to conquer the crucial technical region, the price could reverse towards the recent support of 69.40. A break below that floor could open the door for the double-bottom of 64.20, which is also a 17-month low. Even lower, the price could descend towards levels not seen in the past few months, where the December 2021 bottom of 62.25 could provide downside protection.
In brief, WTI oil futures appear to be in recovery mode after the formation of a bullish double-bottom pattern. For the uptrend to extend, the price needs to pierce through the fortified region that is currently under attack.
Related Posts: