The WTI chart is exhibiting a bullish momentum, as the price has broken above a descending resistance line, which could potentially trigger a bullish move. The current price is also on an ascending trend line acting as support.
If the bullish momentum continues, the price could potentially move towards the 1st resistance level at 74.38, which is a pullback resistance level and coincides with a 50% Fibonacci retracement.
On the support side, the 1st support level is at 71.52, which is an overlap support level and coincides with a 23.60% Fibonacci retracement. If the price drops from the current level, it could find support at this level.
Additionally, a second support level at 67.12, which is an overlap support level, could potentially offer support if the price were to drop further.
Overall, the WTI chart indicates bullish momentum, and the price could potentially continue to rise towards the 1st resistance level at 74.38.
The material has been provided by InstaForex Company – www.instaforex.com
The WTI chart is exhibiting a bullish momentum, as the price has broken above a descending resistance line, which could potentially trigger a bullish move. The current price is also on an ascending trend line acting as support.
If the bullish momentum continues, the price could potentially move towards the 1st resistance level at 74.38, which is a pullback resistance level and coincides with a 50% Fibonacci retracement.
On the support side, the 1st support level is at 71.52, which is an overlap support level and coincides with a 23.60% Fibonacci retracement. If the price drops from the current level, it could find support at this level.
Additionally, a second support level at 67.12, which is an overlap support level, could potentially offer support if the price were to drop further.
Overall, the WTI chart indicates bullish momentum, and the price could potentially continue to rise towards the 1st resistance level at 74.38.
The material has been provided by InstaForex Company – www.instaforex.com
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