WTI Crude Oil (USOIL) Technical Analysis

For the second time this month, WTI crude oil was turned down from the $84.40 region, despite the fact that it has been rising since late June. The resistance zone's proximity to the R1 Pivot Point line didn't help.

Technical Analysis
2024年7月17日

For the second time this month, WTI crude oil was turned down from the $84.40 region, despite the fact that it has been rising since late June. The resistance zone's proximity to the R1 Pivot Point line didn't help.

Has the commodity's ascent ended? Or are the bulls simply pausing for a rest?

WTI is currently trading at $82.25, which is in close proximity to the 100 SMA, the S1 ($81.66) Pivot Point line, and a prior area of interest.

A few strong bullish candlesticks or consistent trading over $82.25 positions WTI prices for a possible retest of the prior highs of $84.40. Furthermore, we can witness new monthly highs for the asset in the next days if the fundamentals shift against the US dollar or in favor of taking more risks.

However, a bearish breakout is possible if there is persistent trading below the 4-hour trend line or the S1 Pivot Point support.

Should WTI attract sufficient bearish demand, it may move into the S2 ($80.03) Pivot Point region, if not the $79.50 levels in proximity to the 200 SMA.

Robert Thompson

Technical Analysis

GBP/USD Technical Analysis

The price has been rising steadily since the end of April, regularly reaching higher highs and lower lows. The price is currently close to both its last swing high and the upper Bollinger Band.

Robert Thompson
2024年7月10日

Technical Analysis

GBP/USD Technical Analysis

The GBP/USD pair extends its sideways consolidative price move for the second day in a row, remaining in a narrow range below the 1.2700 level during Wednesday's Asian session.

Robert Thompson
2024年6月26日

Technical Analysis

EUR/USD Technical Analysis

For the second time this month, EUR/USD was just rejected from the psychological handle of 1.0900, in case you missed it.

Robert Thompson
2024年6月19日