Yesterday WTI traded lower and dipped just below the daily downward trend line making a low of 93.07. However, this morning we've crept back up above it. The stochastics on all time frames are oversold and diverging for a buy signal, apart from the hourly’s which are now overbought so we could go back and test the low , first support will be yesterdays low of 93.07 then below here we have the a downward trend line evident on the hourly chart which comes in at 92.69 and concurs with 92.67 the low from the 26th June this should be enough to unwind the short term stochastic and is where we would expect to see fresh buyers.
Oil is still looking extremely oversold and our target area remains the same 98.57 on route we will meet resistance at the short term 23.6% fib 94.41 this is also a downward trend line on the hourly chart, above here we have the short term 38.2% fib at 95.24 this is where we could see some profit taking and consolidation before trading higher. Above here we have the 5 day MA at 96.12 and then on to the 8 day MA at 96.78. If momentum keeps going our next level will be the 13 day MA at 97.70 and then on to our target of 98.57. If we do overshoot this level we could see sellers at the 200 day MA 98.73.
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WTI Crude: Stochastics Oversold
Published 11/06/2013, 06:09 AM
Updated 07/09/2023, 06:32 AM
WTI Crude: Stochastics Oversold
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