- WTI stays firmer around six-week high, picks up bids of late.
- Bullish MACD, sustained rebound from 100-day EMA, upside break of multi-day-old resistance line favor buyers.
- 61.8% Fibonacci retracement of July-August fall guards immediate upside.
WTI takes the bids around $70.65, up 0.30% intraday during early Tuesday. In doing so, the black gold rises for the third consecutive day after refreshing the highest levels since early August the previous day.
Given the bullish MACD signals and the quote’s ability to keep recovery moves from 100-day EMA, not to forget breaking a downward sloping resistance line from July 03, WTI stays directed towards the 61.8% Fibonacci retracement (Fibo) level surrounding $70.85.
Following that, the $71.00 threshold will act as a validation point before fueling the energy prices towards the late July tops near $73.90.
Meanwhile, the resistance-turned-support near $69.45 acts as an immediate catalyst to trigger the profit-booking moves if broken.
Even so, WTI bears will remain skeptical unless witnessing a clear downside break of $67.40 comprising 100-day EMA and 38.2% Fibo.
In a case where the commodity prices remain pressured towards the south following the $67.40 breakdown, a two-month-old horizontal area around $65.00 will be in focus.
WTI: Daily chart
Trend: Further upside expected
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD retreats from daily highs, holds above 1.0800
![EUR/USD retreats from daily highs, holds above 1.0800](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/EURUSD/money-59004818_XtraSmall.jpg)
EUR/USD loses traction but holds above 1.0800 after touching its highest level in three weeks above 1.0840. Nonfarm Payrolls in the US rose more than expected in June but downward revisions to May and April don't allow the USD to gather strength.
GBP/USD struggles to hold above 1.2800 after US jobs data
![GBP/USD struggles to hold above 1.2800 after US jobs data](https://editorial.fxstreet.com/images/Markets/Currencies/Majors/GBPUSD/british-banknotes-14144912_XtraSmall.jpg)
GBP/USD spiked above 1.2800 with the immediate reaction to the mixed US jobs report but retreated below this level. Nonfarm Payrolls in the US rose 206,000 in June. The Unemployment Rate ticked up to 4.1% and annual wage inflation declined to 3.9%.
Gold approaches $2,380 on robust NFP data
![Gold approaches $2,380 on robust NFP data](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Gold/stack-of-golden-bars-in-the-bank-vault-60756080_XtraSmall.jpg)
Gold intensifies the bullish stance for the day, rising to the vicinity of the $2,380 region following the publication of the US labour market report for the month of June. The benchmark 10-year US Treasury bond yield stays deep in the red near 4.3%, helping XAU/USD push higher.
Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday
![Crypto Today: Bitcoin, Ethereum and Ripple lose key support levels, extend declines on Friday](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/Bitcoin_2_XtraSmall.jpg)
Crypto market lost nearly 6% in market capitalization, down to $2.121 trillion. Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) erased recent gains from 2024.
French Elections Preview: Euro to “sell the fact” on a hung parliament scenario Premium
![French Elections Preview: Euro to “sell the fact” on a hung parliament scenario](https://editorial.fxstreet.com/images/Macroeconomics/Countries/Europe/Eurozone_countries/France/pantheon-paris-with-french-flag-8748101_XtraSmall.jpg)
Investors expect Frances's second round of parliamentary elections to end with a hung parliament. Keeping extremists out of power is priced in and could result in profit-taking on Euro gains.