HomeContributorsTechnical AnalysisWTI OIL – Strong Bullish Signal On Break Above Psychological $50.00 Barrier

WTI OIL – Strong Bullish Signal On Break Above Psychological $50.00 Barrier

Strong rally in past three days eventually broke and closed above key barriers at $50.00/10 (psychological barrier / Fibo 38.2% of $55.01/$47.06 descend), generating firmer bullish signal.

Recovery from $47.06 base peaked at $50.45, with subsequent easing signaled by reversal of 4-hr RSI / slow stochastic from overbought territory.

Dips may extend below $50, now acting as initial support and should be ideally contained above $49.25/16 support zone ( yesterday’s low / broken 20SMA / Fibo 38.2% of $47.08/$50.45 rally) ahead of fresh attempts higher.

Also, weekly close above $50.0 handle would be seen as strong bullish signal for extension towards next strong barrier at $51.03 (50% retracement of $55.01/$47.06) reinforced by 100SMA.

Res: 50.45, 51.03, 51.21, 51.73
Sup: 50.00, 49.50, 49.16, 48.67

Windsor Brokers Ltd
Windsor Brokers Ltdhttp://www.windsorbrokers.com/
The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Featured Analysis

Learn Forex Trading