WTI/USD: Crude WTI approaches resistance at 71.20
|WTI/USD: Crude WTI approaches resistance at 71.20
What is going on with Crude WTI /USD?
WTI/USD: Crude WTI held on above 71.70 in yesterdays session and made two attempts to break away at its 500 EMA at 72.50 but failed and fell out of the price channel. The pair continued down to 70.35 support during the overnight session; however, Crude prices bounced and made it back to 70.84.
Our forecast
WTI/USD: Crude prices currently holds above 70.84 support and trades at 71.04 in the 60 minutes time frame. The pair needs to break and hold above 71.20 to proceed to 71.70 and 72.50. Failure to hold at 70.35 could result in a drop in prices to 69.70
Support - 70.84, 70.35, and 69.70
Resistance/Target - 71.20, 71.70, and 72.50
Chart 1: The short-term view of the WTI/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the WTI/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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