WTI Price Analysis: Breaks monthly falling trendline, focus 21-day EMA
- WTI extends recovery from the multi-week low.
- Bearish MACD questions buyers but trend line break and a bounce from the key support favor the pullback.
WTI takes the bids to $51.33 during the Asian session on Thursday. The energy benchmark repeated the bounce off $49.40/50 support-zone as well as cleared the four-week-old resistance line, now support, during the previous day.
Buyers are now looking forward to January 29 high near $54.40 and 21-day EMA near $54.55 during the quote’s further upside.
However, lows marked during November 2019 will keep the black gold’s further upside capped near $54.85-$55.00
Alternatively, November 2018 low, high marked on January 04, 2019 and Wednesday’s bottom together constitute $49.50/40 as the key support.
Should bears manage to defy $49.40, late-December 2018 top surrounding $47.00 will return to the chart.
WTI daily chart
Trend: Further recovery expected
Reprinted from FXStreet，the copyright all reserved by the original author.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.