WTI Price Analysis: On the bids above monthly support trend line
- WTI recovers from the short-term falling trend line.
- 50% Fibonacci retracement, the four-week-old falling trend line on bulls’ radars.
- Sellers can aim for $20 following the sustained break of the support line.
While bouncing off the monthly support line, WTI marks 3.2% gains to $23.85 ahead of the European open on Monday.
That said, the energy benchmark eyes 38.2% and 50% Fibonacci retracements of March month downside, respectively around $25.60 and $27.65.
However, the black gold’s further upside might find it difficult to cross a downward sloping trend line from March 16, currently at $28.05, amid the bearish MACD.
Alternatively, 23.6% Fibonacci retracement level near $23.00 can act as immediate support ahead of the aforementioned trend line, close to $22.15 now.
If at all the oil prices dip below $22.15, $20.00 can validate further declines below the previous month’s low of $19.00.
WTI four-hour 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.