Technical Summary:
The primary trend of WTI is bearish, and the prices on a 4H chart also continue their downtrend within a declining wedge pattern.
However, prices are retracing after testing the lower fib level 0.0 (61.33) and are currently trending above a crucial psychological & historically tested support of 62.00.
If prices remain able to sustain higher, then it might test important resistance at 63.00, with a near hurdle at the fib level 0.236 (63.45).
Indicator Interpretation:
The prices are rising after testing the lower Bollinger band, signaling a bullish reversal.
Alternate Scenario
If crude oil breaks the crucial support zone between 62.0 - 61.8, then it could signal rising bearish pressure.
Key Levels
Resistance
Support
Facts & Figures:
The world produces about 95–100 million barrels of crude oil per day, with major producers including the U.S., Saudi Arabia, Russia, and Canada.
The primary trend of WTI is bearish, and the prices on a 4H chart also continue their downtrend within a declining wedge pattern.
However, prices are retracing after testing the lower fib level 0.0 (61.33) and are currently trending above a crucial psychological & historically tested support of 62.00.
If prices remain able to sustain higher, then it might test important resistance at 63.00, with a near hurdle at the fib level 0.236 (63.45).
Indicator Interpretation:
The prices are rising after testing the lower Bollinger band, signaling a bullish reversal.
Alternate Scenario
If crude oil breaks the crucial support zone between 62.0 - 61.8, then it could signal rising bearish pressure.
Key Levels
Resistance
- R1 = 62.45
- R2 = 63.15
Support
- S1 = 62.00
- S2 = 61.30
Facts & Figures:
The world produces about 95–100 million barrels of crude oil per day, with major producers including the U.S., Saudi Arabia, Russia, and Canada.
Aviso legal
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Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.