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The WTI crude oil is trading with a bearish bias at about $91.69, undergoing a technical correction below $98 and filling part of the gap left by last Friday's close.
According to the H4 chart, crude oil has left a gap at $90.18, and so far, it has reached a low of $90.70. Therefore, we believe WTI could continue its slide in the coming hours, fully closing the gap and potentially reaching the 200 EMA around $89.41.
If crude oil attempts to rebound from current price levels, we could expect it to encounter resistance around $93.10. This level could be seen as an opportunity to open short positions, with targets at $90 and $89.41, or we could even expect a technical rebound at the lower band of the uptrend channel around $88.90.
If crude oil continues to rise in the coming hours and consolidates above $93, this could be seen as an opportunity to buy with a target at the psychological level of $100; however, we believe the price should close the gap before resuming its uptrend.
If downward pressure prevails and crude oil consolidates below the 200 EMA—and especially if it decisively breaks the uptrend channel—we could expect a trend reversal, and crude oil could reach $75 around the 6/8 Murray level.
Given that negotiations between the United States and Iran are still pending a final agreement, and given that the RSI indicator shows the price is oversold, it is likely that the WTI crude oil will continue to rise in the coming days and could even surpass the psychological threshold of $100 to reach last week's high of around $107 per barrel.
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