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- WTI Price Analysis: Bulls eye 115.00 on a descending triangle breakout
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.
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.
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.
WTI four-hour chart
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