WTI is trading below the downward trend line on an intrude day time frame (4 hour). This confirms that the trend is towards the downside however, the price is above the 50 and 100 day moving averages (shown in yellow and red – respectively) which for many traders are considered as a sign of bullishness.
The RSI indicator – which is the momentum indicator, is confirming that the current move does have a momentum behind this and therefore, the upward move may continue.
Important Zones35.21 – 34.38 Support Zone41.95- 41.33 Resistance Zone
Disclosure & Disclaimer: The above is for informational purposes only and NOT to be construed as specific trading advice. responsibility for trade decisions is solely with the reader.
by Naeem Aslam