Commodities Watchlist: Crude Oil’s Uptrend Nonetheless Intact

For those who’re like me and also you’ve been watching oil costs, then you definately’ll know that WTI crude has revisited sub-$100 ranges this week.

Will we proceed to see oil costs dip?

Or are we solely taking a look at a retracement?

WTI Crude Oil: 4-hour

WTI Crude Oil: 4-hour Chart

WTI Crude Oil: 4-hour Chart

In case you missed it, progress within the peace talks between Russia and Ukraine in addition to international progress issues from Shanghai’s lockdown dragged on Black Crack costs earlier this week.

U.S. oil (WTI) costs ended up revisiting the $99.00 space after beginning the week above $105.00.

Sadly for fuel shoppers however luckily for oil bulls, WTI bounced from a trend line support after a report confirmed U.S. crude oil shares falling sharply final week.

It additionally didn’t harm that $99.00 was close to the 4-hour 200 SMA throughout the pattern line retest.

Let’s see if there’s sufficient momentum to increase WTI’s months-long uptrend.

Stochastic has simply turned greater from the oversold zone however the 100 SMA has additionally turned decrease and has closed the hole with the 200 SMA.

Markets will watch how costs react to the $110 – $111 space for clues on the commodity’s course.

A rejection on the symmetrical triangle resistance opens the asset to a retest of the pattern line help close to the 200 SMA.

But when the pattern line bounce results in upside momentum after which upside breakout of the triangle consolidation, then we may see WTI head for areas of curiosity close to $116, $120, and even $125.

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