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14 Feb 2020

WTI Price Analysis: Sustained break of 10-day SMA keeps buyers hopeful

WTI consolidates recent gains.
Oversold RSI conditions, sustained break of short-term SMA favor buyers.
200-day SMA keeps being a tough nut to crack for the bulls.

WTI steps back to $51.72 while heading into the European session on Friday. the oil benchmark crossed 10-day SMA for the first time since early January on Wednesday and has been above that afterward. Also supporting the bullish sentiment is oversold RSI conditions.

As a result, buyers can take aim on January 29 to surrounding $54.38 whereas November 2019 low near $55.00 could challenge the upside then after.

If at all the oil prices remain on the front foot past-$55, a 200-day SMA level around $56.60 will be in the spotlight.

Meanwhile, the black gold’s declines below 10-day SMA level of $50.80 can take rest at the latest lows, also the multi-year low, near $49.40.

WTI daily chart

Trend: Recovery expected

Feb 14, 2020

GBP/USD looks for clear direction sub-1.3100 area

GBP/USD seesaws near 1.3050 ahead of the London open on Friday. In doing so, the cable traders catch a breath after a heavy run-up marked during the p

US Dollar Index flirts with YTD highs above 99.00, looks to data

The greenback, when tracked by the US Dollar Index (DXY), stays bid and testing fresh yearly peaks beyond 99.00 the figure at the end of the week. US