CFDs on Crude Oil (WTI)Updated Another Range/Up Day with A Potential to Go Down Later On
Prices seem to have left behind key support, which is a range between 93.51 and 95.22.
Immediate resistance appears to be a combination of the 38.2% Fibonacci retracement level at 107.23 and the 50-period Simple Moving Average (SMA). Clearing these points may further open the door to extending gains, placing the focus on the midpoint, 61.8% and 78.6% levels at 111.46, 115.70 and 121.73 respectively.
To the upside, prices may struggle to clear the 125.93 – 129.42 resistance zone, where the latter is the current 2022 high. Downtrend resumption entails a break under the 93.51 – 95.22 support zone, exposing the late February low at 90.05 before 86.74 comes into focus. Keep a close eye on RSI if prices turn lower and retest the support zone, positive divergence could signal downtrend exhaustion, hinting at a reversal.
Immediate resistance appears to be a combination of the 38.2% Fibonacci retracement level at 107.23 and the 50-period Simple Moving Average (SMA). Clearing these points may further open the door to extending gains, placing the focus on the midpoint, 61.8% and 78.6% levels at 111.46, 115.70 and 121.73 respectively.
To the upside, prices may struggle to clear the 125.93 – 129.42 resistance zone, where the latter is the current 2022 high. Downtrend resumption entails a break under the 93.51 – 95.22 support zone, exposing the late February low at 90.05 before 86.74 comes into focus. Keep a close eye on RSI if prices turn lower and retest the support zone, positive divergence could signal downtrend exhaustion, hinting at a reversal.
Note
So far spot on, but let's see.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.