WTI Crude Oil Latest Weekly Forecast
WTI Crude Oil Futures 🛢️Weekly Review
It's been a long time since WTI has been reeling under 100 Day SMA and now a short term Fibonacci retracement of $93.74 high of Nov 2022 to $70.10 low of Dec 2022 shows stabilization above 38.2% level at $79.14 and also horizontal resistance zone of 81.50 which is close to 50% Fibonacci level at $81.93
A decisive acceptance is visible above Daily middle Bollinger Band currently at $78.19
Prices are sustaining above 5 Day EMA $80.35 which has crossed over 50 Day EMA $79.36 from below, throwing in signs of further advances.
However, rebound towards next major resistance, which is $93.74 , requires a strong and sustained break above 100 Day SMA $82.10 followed by clearance through $84.70 which is 61.8% Fibonacci level and $88.70 which is 78.6% Fibonacci level
Meanwhile, a short term pull back towards support $79 and a follow up drop further to $75.70 can not be ruled out which again is very likely to attract buyers.
It's been a long time since WTI has been reeling under 100 Day SMA and now a short term Fibonacci retracement of $93.74 high of Nov 2022 to $70.10 low of Dec 2022 shows stabilization above 38.2% level at $79.14 and also horizontal resistance zone of 81.50 which is close to 50% Fibonacci level at $81.93
A decisive acceptance is visible above Daily middle Bollinger Band currently at $78.19
Prices are sustaining above 5 Day EMA $80.35 which has crossed over 50 Day EMA $79.36 from below, throwing in signs of further advances.
However, rebound towards next major resistance, which is $93.74 , requires a strong and sustained break above 100 Day SMA $82.10 followed by clearance through $84.70 which is 61.8% Fibonacci level and $88.70 which is 78.6% Fibonacci level
Meanwhile, a short term pull back towards support $79 and a follow up drop further to $75.70 can not be ruled out which again is very likely to attract buyers.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.