WTI - Recovery
WTI (1H) - short term bullish bias
Following last week's sharp decline, the oil price has stabilised above 57.50. This week's range-bound action has seen increasing buying interests to get in at the dip. The bullish RSI divergence indicated that selling pressures have lost steam. The breakout above 58.60 along with a bullish MA cross suggested that a reversal was in the making. As sentiment seems to be improving, we could see the rally to extend before the end of the week.
Key support: 58.30
Key resistance: 59.30
Following last week's sharp decline, the oil price has stabilised above 57.50. This week's range-bound action has seen increasing buying interests to get in at the dip. The bullish RSI divergence indicated that selling pressures have lost steam. The breakout above 58.60 along with a bullish MA cross suggested that a reversal was in the making. As sentiment seems to be improving, we could see the rally to extend before the end of the week.
Key support: 58.30
Key resistance: 59.30
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.