You are here: Home > articles > Forex > Technical Analysis – WTI futures weaken their bullish move above SMAs
Technical Analysis – WTI futures weaken their bullish move above SMAs
July 2, 2020 8:27 amVideo
Latest News
- Technical Analysis of Intraday Price Movement of USD/CHF Main Currency Pairs, Wednesday June 05, 2024. May 29, 2024
- Technical Analysis of Intraday Price Movement of AUD/JPY Cross Currency Pairs, Wednesday May 29, 2024. May 29, 2024
- Overview of GBP/USD on May 29. Pound continues to surge and break barriers May 29, 2024
- Overview of EUR/USD on May 29. Calm news and a stubborn euro May 29, 2024
- A chance for the kiwi. Overview of NZD/USD May 29, 2024
- Analysis of GBP/USD pair on May 28, 2024 May 28, 2024
- EUR/USD: What could stop the growth of the euro? A hypothesis May 28, 2024
- Inflation expectations in eurozone downgraded May 28, 2024
- Trading Signals for BITCOIN (BTC/USD) for May 28-30, 2024: sell below $69,000 (21 SMA – 200 EMA) May 28, 2024
- Technical Analysis – EURUSD sets sight on 1.0900 handle May 28, 2024
- GBP/USD: Simple trading tips for novice traders on May 28th (US Session) May 28, 2024
- EUR/USD: Simple trading tips for novice traders on May 28th (US session) May 28, 2024
- GBP/USD: trading plan for the US session on May 28th (analysis of morning deals). The pound hit a new monthly high May 28, 2024
- EUR/USD: trading plan for the US session on May 28th (analysis of morning deals) May 28, 2024
- USD/JPY: trading tips for beginners for European session on May 28 May 28, 2024
- Forex forecast 05/28/2024: EUR/USD, USD/JPY, Gold, Ethereum and Bitcoin from Sebastian Seliga May 28, 2024
- EUR/USD. May 28th. The bulls intend to reach the level of 1.1000 May 28, 2024
- Trading plan for EUR/USD on May 28. Simple tips for beginners May 28, 2024
- GBP/USD. May 28th. The pound sees no reason to stop at its current level May 28, 2024
- USD/JPY: Simple trading tips for novice traders on May 28th. Analysis of yesterday’s forex transactions May 28, 2024
WTI crude oil futures have found resistance at the 41.60 barrier, sending prices sideways in the short-term. Oil is keeping its position above the moving averages despite the contradicting signals in the momentum indicators. The MACD is holding beneath its trigger line in the positive territory, while the RSI is pointing marginally up in the bullish region.
In case of more upside pressures and a successful climb above the immediate resistance of 41.60, the next hurdle would come from the 61.8% Fibonacci retracement level of the down leg from 65.68 to 6.70 at 43.04. Breaching this line, the 48.80 barrier and the 54.60 resistance could be in focus, taken from the peaks on March 3 and February 20 respectively.
On the other hand, a decline beneath the 20-day simple moving average (SMA) could shift attention to the 50.0% Fibonacci of 36.18. Below that the 40-day SMA and the 34.65 level are the next supports, while the 200-day SMA currently at 33.06 could attract attention. More downside pressures could open the door for the 30.85 support ahead of the 38.2% Fibonacci of 29.16.
Summarizing, the commodity has been in an upside tendency since April 21, while a jump above 65.68 could shift the longer-term picture to bullish as well.
Related Posts: