- WTI pushes higher after some USD weakness was noted after the FOMC rate decision and statement.
- There have been some strong bullish technical signs on the 30-minute chart.
Spot WTI 30-minute chart
Spot WTI has been pushing higher in the mid-US session following the FOMC rate decision and statement. The 30-minute chart below has thrown up some bullish technical signals including a holding cross on the moving averages.
The 55 Exponential Moving Average (EMA) as crossed from below to above the 200 Simple Moving Average (SMA) (circled in red). This is traditionally a bullish signal but can be lagging in nature. The price had been battling with the 200 SMA in recent session but now there does seem to be a firm move above the indicator.
There has also been a pattern break on this chart with the triangle pattern being broken to the upside. A triangle can be a continuation and a reversal pattern but in this case, we could see the underlying current uptrend continue.
There are some reasons to be cautious. The Relative Strength Index indicator is looking very overstretched to the upside. This could indicate a short term pullback is due. The MACD signal lines are also very separated but they could have some more room to move higher.
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