WTI SIGNAL 19-04-22 : WTI Price Analysis Bulls eye 115.00 on a descending triangle breakout.

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WTI SIGNAL

WTI SIGNAL 19-04-22 : WTI Price Analysis Bulls eye 115.00 on a descending triangle breakout.

  • An establishment above the descending triangle breakout is favoring bulls for dominance.
  • The RSI (14) has firmly shifted into a bullish range of 60.00-80.00.
  • A bull cross, represented by the 20- and 100-EMAs signal more gains ahead.

West Texas Intermediate (WTI), futures on NYMEX, is advancing higher after printing a low of $92.65 on April 11. The oil prices are galloping higher after establishing above the psychological resistance of 100.00.

WTI SIGNAL : The breakout of the descending triangle chart formation whose horizontal support is placed from the March 15 low at $92.37 while the descending trendline is plotted from the March 8 high at 126.51, has unleashed the bulls. The trendline placed from March 15 low at $92.37 will remain a minor cushion for the oil counter.

A bull cross that has been represented by the 20- and 200-period Exponential Moving Averages (EMAs) at $101.25 is advocating more upside going forward.

The Relative Strength Index (RSI) (14) has shifted into a bullish range of 60.00-80.00 from the consolidation area of 40.00-60.00, which signals a continuation of a bullish trend in the upcoming sessions.

WTI SIGNAL : After scrutinizing the establishment of the oil prices above the descending triangle formation, a breach of Monday’s high at $109.13 will send the asset towards the round levels resistances at $115.00 and $125.00 respectively.

However, a slippage below the 100-EMA at $101.25 will drag the asset towards the April 1 low at $96.94, followed by March 15 low at $92.37.

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