WTI futures hover in a narrow range; flat in the short term.
WTI oil futures for August delivery are moving sideways below the 50.0% Fibonacci mark of the 66.60 – 50.60 down-leg near 58.58 but hover above the 20-period simple moving average (SMA) in the 4-hour chart. The RSI and the MACD are losing steam as both are falling in the positive area.
If the market proves overbought, the price could reverse south to retest the 38.2% Fibonacci of 56.70. Lower, the 40-period SMA would be the next target around 55.30 before a bigger battle starts around the 54.85 level.
However, buyers would like to see prices running above the 58.20 resistance and the 50.0% Fibonacci region of 58.58 in the near term to put faith in the recent rally. The next obstacle is coming from the 59.70 level, registered on May 30.
In brief, WTI oil futures are looking cautiously neutral in the very short-term, while in case of a climb above 58.20, it could continue the bullish structure.
All trading involves risk. It is possible to lose all your capital.
This information is not considered as investment advice or investment recommendation but instead a marketing communication. This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and that it is not subject to any prohibition on dealing ahead of the dissemination of investment research.