WTI reached its 8 months low, after the spike in price from the invasion in Ukraine. Investors are afraid that combination of increasing interest rates and high inflation will slow down the economy, from there and the demand for crude oil. The economic slow down of China has also put a down pressure on the oil price.
Technical indicators are also placing WTI into bearish scenario, with MACD under the 0 line and RSI under the 50 neutral line.
If the trend continues, the price might reach levels of 67.5 In opposite scenario, however, the price might test its previous high of 89.5
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Technical indicators are also placing WTI into bearish scenario, with MACD under the 0 line and RSI under the 50 neutral line.
If the trend continues, the price might reach levels of 67.5 In opposite scenario, however, the price might test its previous high of 89.5
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.