WTI Technical Analysis: Bulls in charge, eye 200-D SMA (62.00) while above 57.93 following third attempt breakout


  • WTI has been recovering from the recent lows below the 55 handle scored earlier this month ahead of a critical technical level around recent highs. 
  • Eyes are on highest levels since mid-November while above 57.93 - a horizontal and prior resistance line going back to mid-Nov 2018 which has given way on third attempt (bullish) 
  • A break of 59.70 and then the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows at 63.74 will reveal prospects for the 200D SMA around 62.00. 
  • The criteria for a long is intact according to the Ichimoku Cloud:
  1. Price must close above the Cloud.
  2. Cloud ahead must be bullish (green).
  3. Conversion Line is greater than the base-line.
  4. Lagging Span is greater than or crosses above the cloud. 
  • Support levels: 57.68, 56.75, 56.23.
  • Resistance levels: 59.13, 59.85, 60.58.

 

 

 

 

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