Front-month WTI futures are near flat at $54.20, earlier printing a 7-week high at $54.39.
USoil broke the round $54 and is approaching 3-month resistance at $54.60. the next level to be watched is the $55.60 ( 38.2 Fibonacci retracement where a reversal could occur). RSI is sloping positive, by approaching overbought barrier, something that indicates further steam to the upside.
A failure to close today above 54.00 could see the asset at immediate Support at 53.40.
Andria Pichidi
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
USoil broke the round $54 and is approaching 3-month resistance at $54.60. the next level to be watched is the $55.60 ( 38.2 Fibonacci retracement where a reversal could occur). RSI is sloping positive, by approaching overbought barrier, something that indicates further steam to the upside.
A failure to close today above 54.00 could see the asset at immediate Support at 53.40.
Andria Pichidi
Market Analyst
HotForex
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.