Friday, 25 April 2014

WTI inches higher to challenge resistance at 102.00

WTI moved slightly higher to challenge the resistance of 102.00 (R1). An upside break of that hurdle may indicate that the recent decline was just a 38.2% retracement of the 17 Mar-16 Apr. uptrend and may pave the way towards the next resistance at 103.00 (R2). The MACD, although in its negative area, crossed above its trigger line, while the RSI is moved higher, confirming the inability of the bears to overcome the 101.40 (S1) support, which lies near the 200-period moving average. A clear dip below that support zone is needed to turn the outlook negative again and target the 50% retracement level of the 17 Mar-16 Apr. uptrend at 100.55 (S2).

•Support: 101.40 (S1), 100.55 (S2), 99.35 (S3) •Resistance: 102.00 (R1), 103.00 (R2), 104.00 (R3).

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