Crude Oil Price News and Forecast: WTI looks for firm direction above 200-day SMA amid trade optimism, strong USD
|WTI Price Analysis: 50-day SMA guards immediate upside
WTI trades around $58.50 during the early Friday. In doing so, the oil benchmark fails to cross 50-day SMA despite taking a U-turn from 200-day SMA, also trading successfully beyond 50% Fibonacci retracement of the October-January upside.
Hence, traders will keep eyes on the black gold’s momentum either during its rise beyond a 50-day SMA level of $59.00 or on the downside break of 200-day SMA surrounding $57.70.
WTI looks for firm direction above 200-day SMA amid trade optimism, strong USD
WTI buyers catch a breath after registering the largest gains in two weeks. The black gold trades near $58.60 by the press time of Friday’s Asian session. Strong USD, receding geopolitical tension and increasing buffer at OPEC keep sellers hopeful.
After the years of trouble, the US and China recently signed the phase-one deal and are also discussing the phase-two of its. Additionally, the US, Mexico and Canada also agreed on the trade terms and the US Senate passed the bill governing the same on Thursday.
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