WTI DWINDLES BETWEEN HIGH RATES AND THIGHT SUPPLY
WTI remains indecisive. On one hand traders are suspecting continuous increase of the interest rates, after Fed decision in Wednesday. On the other hand, the further escalation by Russia of the war in Ukraine and the thread by the Nigerian oil minister Timipre Marlin Sylva that OPEC+ will decrease production if prices keep falling, are creating fear of tightened supply.
All technical indicators are suggesting downtrend for WTI price, with MACD histogram being below the 0 line and RSI being below the neutral 50 line.
If price keeps falling, it might test its most recent low at 80.9, but if the trend reverses, it might test its resistance at 89.7 or even the one at 97.2
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All technical indicators are suggesting downtrend for WTI price, with MACD histogram being below the 0 line and RSI being below the neutral 50 line.
If price keeps falling, it might test its most recent low at 80.9, but if the trend reverses, it might test its resistance at 89.7 or even the one at 97.2
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carries a high level of risk. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and on such sites. Furthermore, one understands that the company carries zero influence over transactions, markets, and trading signals, therefore, cannot be held liable nor guarantee any profits or losses.