WTI technical analysis: Prices shot higher overnight in risk-on markets

WTI prices shot higher overnight on the back of good news on the trade front following Trump's announcements that some of the expected tariff hikes wi  |  14/08/2019 01:29

WTI prices shot higher overnight on the back of good news on the trade front following Trump's announcements that some of the expected tariff hikes will be put back to the end of the year. The September delivery on the New York Mercantile Exchange, added $2.17, or 4%, to settle at $57.10 a barrel for the best finish for a front-month contract since July 31. This has left a technically bullish bias on the charts.

We can see that the bulls were holding just above the 50% retracement of the late Dec to 2019 range. On overnight trade, the bulls subsequently took out the cluster of the 20, 50 and 200 daily moving averages to bust through both the 56 and 57 handles. There is now space for a recovery to the 58 handle to meet trend line resistance. On the downside, bears can target a break of the 50% reversion of the day's move at 55.80.

 

Share

Popular News

Show More Popular News

Market Insight's Views

Market Insight analyses will provide both fundamental and technical comprehensions on finance
and other asset classes for Market Insight viewers

Back

Login to Market Insight Account

Your Market Insight account gives you access to the tools that we offer our customers including our
Technical Studies & Sentiment for your accounts.

Forgot Password?

Don't you have a Market Insight account? With a few easy steps you can easily register to Market Insight

Create a Market Insight's Account

Your Market Insight account gives you access to the tools that we offer our customers including our Technical Studies & Sentiment for your accounts.

register_ty

Thank you!

Welcome to Market Insight family!

You have succesfully completed the registration.
We will send you an e-mail to give you some
instructions and our Terms and Conditions!
Our account representatives will be contacting you as
soon as possible. If you have any further questions
please do not hesitate to mail us via info@marketinsight.com