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21 Jul 2020

WTI Price Analysis: Break of 5-day SMA fails to disappoint buyers above $40.00

  • WTI extends pullback from the monthly high flashed last Wednesday.
  • Bears await a clear break below five-week-old support line.
  • Buyers can add positions beyond $41.00 with June month top on the radar.

WTI remains on the back foot around $40.77 during the early Asian session on Tuesday. With this, the energy benchmark remains below 5-day SMA and indicates further weakness after flashing negative closings in the last three days. However, an upward sloping trend line from June 15 restricts the immediate downside of the black gold.

As a result, the sellers are waiting for entries below $40.00 to target the monthly bottom around $38.70 and the late-June low near $37.20.

Additionally, $39.00 and June month’s bottom surrounding $34.50 could act as extra levels to watch during the quote’s further weakness.

On the contrary, the oil price strength above 5-day SMA level of $40.8 needs validation from $41.00 to challenge the current month’s high near $41.45 and aim for June month’s top close to $41.65.

In a case where the bulls remain dominant past-$41.65, February month’s low around $44.00.

WTI daily chart

Trend: Pullback expected

 

Jul 21, 2020

NZD/USD: Bulls attack 0.6600 following risk-on mood

NZD/USD seesaws in a choppy range between 0.6770 and 0.6780 while keeping the previous day’s gains intact. Markets cheered hops of vaccine, further st
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Jul 21, 2020

S&P 500 Price Analysis: 4-HR bearish divergence in momentum, yet bulls remain on control

The S&P 500 Index made a fresh recovery high and the highest level since February. Investors remain optimistic over the race for a Covid-19 vaccine. W
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