WTI crude (4H) - medium term bullish bias
After two tests of the demand area around 50.80 , the US oil price was supported by buyers to recover in a steady manner. The RSI divergence foreshadowed a 3-week-long consolidation period in which sellers took their feet off the pedal. Even though the faster moving average crossed above the slower one in a typical bullish fashion, it was not until yesterday's solid momentum to confirm that buyers have taken control of the next directional move.
Key support: 53.60
KEy resistance: 58.50
After two tests of the demand area around 50.80 , the US oil price was supported by buyers to recover in a steady manner. The RSI divergence foreshadowed a 3-week-long consolidation period in which sellers took their feet off the pedal. Even though the faster moving average crossed above the slower one in a typical bullish fashion, it was not until yesterday's solid momentum to confirm that buyers have taken control of the next directional move.
Key support: 53.60
KEy resistance: 58.50
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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.