WTI Price Analysis: Retraces within an immediate triangle around $37.00
|- WTI seesaws near three-month high inside a two-day-old symmetrical triangle.
- A one-week-old ascending trend line, 200-HMA adds to the support.
- An upside clearance will accelerate the moves to fill the early-March gap above $41.00.
WTI takes rounds to $37.08 while portraying a short-term symmetrical triangle formation during the early Asian session on Thursday. The black gold rose to the highest since March 11 the previous day but MACD’s weakness dragged it back from $38.30.
The oil benchmark currently rises towards the triangle’s resistance line, at $37.60, a break of which could again push it towards $38.30.
However, a sustained run-up past-$38.30 will enable the bulls to fill the gap below March 06 low of $41.22.
Meanwhile, a downside break of the triangle’s support, at $36.25 now, can fetch the quote to an ascending trend line from May 27, currently around $35.60.
In a case where the oil benchmark keeps the downside below $35.60, 200-HMA level of $34.55, will be the key to watch.
WTI hourly chart
Trend: Bullish
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.