WTI (West Texas Intermediate) chart shows a bullish momentum, with price above the bullish Ichimoku cloud and following an ascending trend line as support. However, there is a potential scenario of a bearish reaction from the 1st resistance at 78.92 (overlap resistance), leading to a pullback towards the 1st support at 76.65 (pullback support). If the bearish reaction continues, the 2nd support at 74.24 (overlap support) becomes crucial. On the other hand, the 2nd resistance at 80.13 (78.60% Fibonacci retracement) might resist further upward movement.
The material has been provided by InstaForex Company – www.instaforex.com
WTI (West Texas Intermediate) chart shows a bullish momentum, with price above the bullish Ichimoku cloud and following an ascending trend line as support. However, there is a potential scenario of a bearish reaction from the 1st resistance at 78.92 (overlap resistance), leading to a pullback towards the 1st support at 76.65 (pullback support). If the bearish reaction continues, the 2nd support at 74.24 (overlap support) becomes crucial. On the other hand, the 2nd resistance at 80.13 (78.60% Fibonacci retracement) might resist further upward movement.
The material has been provided by InstaForex Company – www.instaforex.com
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