WTI Crude Oil Latest Weekly Forecast
WTI Crude Oil Futures 🛢️Weekly Review
It's been a long time since WTI has been reeling under 100 Day SMA and now a short term Fibonacci retracement of $93.74 high of Nov 2022 to $70.10 low of Dec 2022 shows stabilization above 38.2% level at $79.14 and also horizontal resistance zone of 81.50 which is close to 50% Fibonacci level at $81.93
A decisive acceptance is visible above Daily middle Bollinger Band currently at $78.19
Prices are sustaining above 5 Day EMA $80.35 which has crossed over 50 Day EMA $79.36 from below, throwing in signs of further advances.
However, rebound towards next major resistance, which is $93.74 , requires a strong and sustained break above 100 Day SMA $82.10 followed by clearance through $84.70 which is 61.8% Fibonacci level and $88.70 which is 78.6% Fibonacci level
Meanwhile, a short term pull back towards support $79 and a follow up drop further to $75.70 can not be ruled out which again is very likely to attract buyers.
It's been a long time since WTI has been reeling under 100 Day SMA and now a short term Fibonacci retracement of $93.74 high of Nov 2022 to $70.10 low of Dec 2022 shows stabilization above 38.2% level at $79.14 and also horizontal resistance zone of 81.50 which is close to 50% Fibonacci level at $81.93
A decisive acceptance is visible above Daily middle Bollinger Band currently at $78.19
Prices are sustaining above 5 Day EMA $80.35 which has crossed over 50 Day EMA $79.36 from below, throwing in signs of further advances.
However, rebound towards next major resistance, which is $93.74 , requires a strong and sustained break above 100 Day SMA $82.10 followed by clearance through $84.70 which is 61.8% Fibonacci level and $88.70 which is 78.6% Fibonacci level
Meanwhile, a short term pull back towards support $79 and a follow up drop further to $75.70 can not be ruled out which again is very likely to attract buyers.
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