WTI Price Analysis: Finds bids at the confluence of critical support and trendline at $109.50
|- The oil prices have displayed recovery signs after hitting the critical support and trendline confluence.
- A golden cross has been displayed by the 50- and 200-period EMAs, which adds to the upside filters.
- Should the RSI (14) recaptures the bullish range of 60.00-80.00, a fresh impulsive wave may trigger.
West Texas Intermediate (WTI), futures on NYMEX, has displayed a firmer rebound after hitting a low of $109.48 in the late Asian session. The black gold has remained in the grip of bulls for the past week after sensing a responsive buying action from the previous week’s low at $101.17.
The oil prices have displayed signs of recovery after kissing the confluence area of the trendline and the critical support at $109.53. To be informed, the upward sloping trendline is placed from Friday’s low at $102.79.
A golden cross, represented by the 50- and 200-period Exponential Moving Averages (EMAs) at $108.76, has strengthened the oil bulls. Also, the golden cross firms a bullish reversal in an asset.
The Relative Strength Index (RSI) (14) has corrected mildly after remaining in the bullish range of 60.00-80.00. Investors will see a fresh leg of an upside move if the RSI (14) will recapture the above-mentioned bullish range.
A decisive move above Wednesday’s high at $111.18 will drive the asset towards June 14 low at 114.30, followed by June 17 high at $116.30.
On the flip side, bulls could lose control if the asset drops below Tuesday’s low at $108.55. An occurrence of the same will drag the asset towards the round-levels support at $105.00. A breach of the round-level support will unleash bears for more downside towards Friday’s low at $102.79.
WTI hourly chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.