WTI/USD: Crude WTI bounced at 58.95; resistance at 59.55

Denis Joeli Fatiaki Independent Analyst

WTI/USD: Crude WTI bounced at 58.95; resistance at 59.55

What is going on with Crude WTI /USD?

WTI/USD: Crude WTI broke through 61.10 and reached 61.45 as indicated in yesterday's update but failed to continue and fell to 60.45 support. There were few more attempts made to push Crude prices up, but all failed at 61.10. Crude prices slipped below the trend line highlighted in the previous update and fell all the way to 58.95 support.

Our forecast

WTI/USD: Crude WTI managed to bounce at 58.95 in today's session and has progressed to 59.30 support. The pair currently trades at 59.38 and could continue to 59.55 if it remains above 59.30 support. Crude prices need to break and maintain above 59.55 to continue to the upside. Crude prices could head down to 58.55 and 58.10 if it fails at 58.95 support.

Support/Short - 59.30, 58.95, 58.55, and 58.10

Resistance/Target - 59.55, 59.90, 60.15, and 60.45

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

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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