WTI fades bounce off 50-HMA while staying near 11-month top. Strong SMA supports keep oil buyers hopeful despite RSI’s downside bias. One-week-old resistance line guards immediate upside, 200-HMA adds to the downside filters. Although 50-HMA probed WTI pullback from February 2020 top, the oil benchmark eases to $52.12 during Tuesday’s Asian trading. Considering the quote’s failures to extend the recovery moves beyond a short-term resistance line, coupled with receding RSI, WTI is likely to revisit 50-HMA support of $51.70. However, any further weakness past-$51.70 will have to conquer the $50.00 psychological magnet, as well as the 200-HMA level of $49.70, to please the commodity bears. Meanwhile, a one-week-old rising trend line, near $52.55, offers immediate resistance to the quote ahead of the recent high surrounding $52.70. In a case where the energy bulls manage to refresh the multi-month top, February 2020 peak close to $54.70 should return to the charts. Overall, the oil prices are in an uptrend while marking intermediate pullbacks off-late. WTI hourly chart Trend: Pullback expected FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NZD/JPY Price Analysis: Mixed bias across the time-frames FX Street 11 months WTI fades bounce off 50-HMA while staying near 11-month top. Strong SMA supports keep oil buyers hopeful despite RSI’s downside bias. One-week-old resistance line guards immediate upside, 200-HMA adds to the downside filters. Although 50-HMA probed WTI pullback from February 2020 top, the oil benchmark eases to $52.12 during Tuesday’s Asian trading. Considering the quote’s failures to extend the recovery moves beyond a short-term resistance line, coupled with receding RSI, WTI is likely to revisit 50-HMA support of $51.70. However, any further weakness past-$51.70 will have to conquer the $50.00 psychological magnet, as well as the 200-HMA level of $49.70,… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
