WTI CRUDE OIL: Risk of correction under the resistances
[You must be registered and logged in to see this image.]
Above 57.05 USD the major trend remains bullish. 63.22 USD and 64.77 USD are in the line of sight. The breaking of 57.05 USD would cancel this anticipation and favor a correction toward 55.51 USD.
Opinion Short Term
Opinion Medium Term
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the commodity. However, the RSI is in the overbought area and we can expect a technical correction in the short term. Also, the Stochastics are very high, which confirms the risks in the event of a violent reversal. The volumes traded are less than the average volumes over the last 10 days.
The commodity is positioned to the upside. It is above its 50-day moving average. The position of the 20-day moving average (higher than the 50-day moving average) means that this commodity is reliable in the medium term. The first buy levels are on the supports situated at 57.05 USD, then at 55.51 USD; only the resistances, placed at 63.22 USD, then at 64.77 USD, could contain the prices.
[You must be registered and logged in to see this image.]
Above 57.05 USD the major trend remains bullish. 63.22 USD and 64.77 USD are in the line of sight. The breaking of 57.05 USD would cancel this anticipation and favor a correction toward 55.51 USD.
Opinion Short Term
- Negative
- Resistance 1 £63.22
- Support 1 £57.05
Opinion Medium Term
- Bearish
- Resistance 2 £64.77
- Support 2 £55.51
The MACD is positive and above its signal line. This configuration confirms the sound positioning of the commodity. However, the RSI is in the overbought area and we can expect a technical correction in the short term. Also, the Stochastics are very high, which confirms the risks in the event of a violent reversal. The volumes traded are less than the average volumes over the last 10 days.
The commodity is positioned to the upside. It is above its 50-day moving average. The position of the 20-day moving average (higher than the 50-day moving average) means that this commodity is reliable in the medium term. The first buy levels are on the supports situated at 57.05 USD, then at 55.51 USD; only the resistances, placed at 63.22 USD, then at 64.77 USD, could contain the prices.