You are here: Home > articles > Forex > Technical Analysis – WTI oil futures see increased risk to the downside after reversing from key 59 level
Technical Analysis – WTI oil futures see increased risk to the downside after reversing from key 59 level
November 28, 2017 10:25 amVideo
Latest News
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
- Hot forecast for EUR/USD on April 19, 2024 April 19, 2024
- We’ve Donated Books in Vietnam for Children’s Day April 19, 2024
- Week Ahead – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Technical Analysis – GBPJPY range trading continues April 19, 2024
- Overview of the GBP/USD pair on April 19th. The Bank of England may lower the rate in May April 19, 2024
- Overview of the EUR/USD pair on April 19th. Jerome Powell crushed all euro growth prospects April 19, 2024
- Key events on April 19: fundamental analysis for beginners April 19, 2024
- Trading plan for GBP/USD on April 19. Simple tips for beginners April 19, 2024
- Trading plan for EUR/USD on April 19. Simple tips for beginners April 19, 2024
- Forecast for EUR/USD on April 19, 2024 April 19, 2024
- Forecast for GBP/USD on April 19, 2024 April 19, 2024
- Forecast for USD/JPY on April 19, 2024 April 19, 2024
- Technical Analysis of Intraday Price Movement of Litecoin Cryptocurrency, Friday April 19 2024. April 19, 2024
WTI oil futures are making a corrective move after outperforming in recent weeks. The underlying uptrend is still intact, with prices peaking at 59.02 on November 24 following a recent strong rally off the key 55 level.
Looking at the 4-hour chart, the market has come under increased pressure after breaking below the shorter-period moving average (20-MA). The RSI has broken below 50, suggesting that the bearish momentum could push prices lower towards the key 57 level. This is expected to act as a strong support level.
As long as the market stays above 57 then there is a possibility of a bounce back towards 58.35. Breaching this soft resistance level would see prices re-test the 59.02 peak and then resume the uptrend. Alternatively, a further decline below the important threshold at 57 would see a start of a reversal of the recent upleg from 54.79.
The fact that prices have fallen out of the rising channel does not bode well for the market’s near-term outlook. A daily close below 57 would give the recent sell-off increased momentum to the downside.
Related Posts: