WTI Oil Technical Analysis: Recovery rally likely on bull RSI divergence
|- The bullish divergence of the relative strength index (RSI) seen in the hourly chart indicates scope for a test of supply around the falling trendline hurdle, currently at $64.70/barrel.
- A break above $64.14 would also confirm a double bottom breakout and would allow a rally to $65.15 (target as per the measured move method).
- The bullish outlook would be invalidated if priced find acceptance under the recent low of $63.50.
- The WTI oil is currently trading at $62.90.
Hourly Chart
Trend: Bullish
WTI
Overview:
Last Price: 62.88
Daily change: 4.0 pips
Daily change: 0.0637%
Daily Open: 62.84
Trends:
Daily SMA20: 67.41
Daily SMA50: 70.02
Daily SMA100: 69.14
Daily SMA200: 68.54
Levels:
Daily High: 62.9
Daily Low: 62.71
Weekly High: 67.73
Weekly Low: 62.61
Monthly High: 76.25
Monthly Low: 64.86
Daily Fibonacci 38.2%: 62.83
Daily Fibonacci 61.8%: 62.78
Daily Pivot Point S1: 62.73
Daily Pivot Point S2: 62.63
Daily Pivot Point S3: 62.54
Daily Pivot Point R1: 62.92
Daily Pivot Point R2: 63.01
Daily Pivot Point R3: 63.11
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.