Will WTI oil make a further move north?
After a recent upmove, WTI oil had stalled and is now moving sideways. The commodity continues to trade above a short-term tentative upside support line drawn from the low of June 28th. Although there are signs that a further move higher is possible, we would prefer to wait for a violation of the 74.00 territory first.
If that happens, and WTI breaks above the 74.00 zone, this would confirm a forthcoming higher high. Such a move could clear the way to the 74.73 hurdle, or even to the 77.00 area, near the high of April 28th.
Alternatively, a break of the previously mentioned upside line could signal a change in the direction of the current short-term trend. The commodity could then end up sliding back to the psychological 70-dollar mark.
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Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
If that happens, and WTI breaks above the 74.00 zone, this would confirm a forthcoming higher high. Such a move could clear the way to the 74.73 hurdle, or even to the 77.00 area, near the high of April 28th.
Alternatively, a break of the previously mentioned upside line could signal a change in the direction of the current short-term trend. The commodity could then end up sliding back to the psychological 70-dollar mark.
Disclaimer:
easyMarkets Account on TradingView allows you to combine easyMarkets industry leading conditions, regulated trading and tight fixed spreads with TradingView's powerful social network for traders, advanced charting and analytics. Access no slippage on limit orders, tight fixed spreads, negative balance protection, no hidden fees or commission, and seamless integration.
Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. easyMarkets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
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