You are here: Home > articles > Forex > Technical Analysis – WTI crude futures hover above ‘golden cross’; find support at 23.6% Fibo
Technical Analysis – WTI crude futures hover above ‘golden cross’; find support at 23.6% Fibo
May 17, 2019 9:26 amVideo
Latest News
- Weekly Technical Outlook – GBPUSD, USDJPY, AUDUSD April 15, 2024
- Technical Analysis – Gold in a wait-and-see mode April 15, 2024
- UK inflation report could shift the market’s focus away from geopolitics – Preview April 15, 2024
- Gold Still Expected to Rise on Wall Street and Main Street April 15, 2024
- EUR/USD and GBP/USD: Technical analysis on April 15 April 15, 2024
- Analysis and trading tips for USD/JPY on April 15 April 15, 2024
- Analysis and trading tips for GBP/USD on April 15 April 15, 2024
- Analysis and trading tips for EUR/USD on April 15 April 15, 2024
- Hot forecast for EUR/USD on April 15, 2024 April 15, 2024
- Technical analysis of GBP/USD for April 15-20, 2024 April 15, 2024
- Technical analysis of EUR/USD for April 15-20, 2024 April 15, 2024
- Energy in Focus: What news awaits investors on Wall Street April 15, 2024
- Forecast for EUR/USD on April 15, 2024 April 15, 2024
- Forecast for GBP/USD on April 15, 2024 April 15, 2024
- Forecast for USD/JPY on April 15, 2024 April 15, 2024
- Outlook for EUR/USD on April 15. The euro is already falling for no apparent reason! April 15, 2024
- Trading plan for GBP/USD on April 15. Simple tips for beginners April 15, 2024
- Trading plan for EUR/USD on April 15. Simple tips for beginners April 15, 2024
- Euro will return to parity April 12, 2024
- Trading Signals for ETH/USD (Ethereum) for April 12-15, 2024: buy above $3,435 (3/8 Murray – 200 EMA) April 12, 2024
WTI crude oil futures found strong support at the 23.6% Fibonacci retracement level from the one-and-a-half-year low of 42.50 to the recent peak of 66.60 over the last two weeks, remaining also above of the ‘golden cross’ within the 50- and 200-day simple moving averages (SMAs). The stochastic oscillator is approaching the overbought levels, giving signals for more upside pressure.
Should the price edge higher, positive momentum could probably last until the six-month high of 66.60. Beating this top, the way could open towards the 70.00 handle, identified by the peak on October 2018, while more gains could lead oil until the 72.50 resistance.
On the downside, the 23.6% Fibonacci mark of 60.90 could act as significant support once again. A failure to hold above this level and therefore above the 50- and the 200-day SMAs could strengthen the sell-off towards the 58.15 barrier and the 38.2% Fibonacci of 57.40. A decline under the 50% Fibonacci of 54.50 may have a bigger negative impact on the sentiment.
In brief, WTI oil futures are looking more positive in the medium-term thanks to the ‘golden cross’ formation and the positive bias of the stochastic.
Related Posts: