Fri, Jan 22, 2021 @ 07:39 GMT
Home Contributors Technical Analysis WTI Futures Rebound Off Ascending Line, Still Bullish In Near Term

WTI Futures Rebound Off Ascending Line, Still Bullish In Near Term

WTI crude oil futures are flirting with the ascending trend line, which has been standing over the last month in the 4-hour chart. The RSI indicator is pointing up in the bullish region, however, the MACD is still falling below its trigger line in the positive area.

A rebound on the rising trend line could take the commodity towards the 45.78 resistance ahead of the nine-month peak of 46.26. More gains could lead the market until the 48.48 hurdle, taken from the high on March 3.

On the other side, a penetration of the diagonal line to the downside could lead the market until the 44.41 support, which overlaps with the 40-day simple moving average (SMA). Steeper declines could meet the 43.32 and the 42.65 barriers, shifting the bias to neutral.

Overall, in the short-term, the market shows some signs for further improvement, though, a sell-off below the Ichimoku cloud around 43.50 may switch the market to neutral.

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