Traders Beware!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Charalambos Pissouros

WTI Rebounds from an Upside Support Line

WTI has been in a recovery mode since Monday, when it hit the upside support line drawn from the low of June 12th. Yesterday, the price managed to climb above the resistance (now turned into support) barrier of 57.55, and today, it stopped at around 58.55. Having all these technical signs in mind, we believe that the near-term picture is somewhat positive at the moment.

We believe that a move above 58.55 may initially aim for the inside swing low of July 15th, at 59.25, the break of which could extend the recovery towards the psychological zone of 60.00, which is slightly below the peak of July 16th, and it is also marked by the inside swing low of July 12th. If that hurdle is not able to stop the rally either, then we may see the bulls putting the 61.00 territory on their radars. That zone acted as a strong resistance on July 11th and 15th.

Taking a look at our short-term oscillators, we see that the RSI moved higher but flattened near its 70 line, while the MACD, although above both its zero and trigger lines, has started to slow as well. Both indicators detect positive momentum, but their slowdown suggests that a small corrective setback may occur before the bulls decide to take the reins again.

In order to abandon the bullish case, at least in the short run, we would like to see a decisive dip below 55.80. Such a move would bring the rate below the pre-discussed upside line and may initially pave the way for the 55.00 zone, which is slightly above the low of July 18th and marginally below the low of the day after. If that area does not hold either, then we would monitor the 54.55 barrier, the break of which may allow the slide to continue towards another upside line, which is drawn from the low of December 26th, or towards the 53.55 obstacle, near the low of June 19th.

WTI crude oil 4-hour chart technical analysis


The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

70% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure.

Copyright 2019 JFD Group Ltd