Amid Geopolitical Tension, WTI Rectify From 9-Month High, Beneath the Level at $64

Amid Geopolitical Tension, WTI Rectify From 9-Month High, Beneath the Level at $64

USDWTI Price Analysis – January 6

West Texas Intermediate crude is extending its nine-month high from the level at $ 64.69 to American session, as markets seek to profit from the scenario after adding a 2% increase to Friday and anticipating any military response from Iran.

Key Levels
Resistance Levels: $ 67.50, $ 66.49, $ 65.00
Support Levels: $ 61.40, 55.41, $ 50.64

USDWTI Long term Trend: Bullish

WTI reaches a $ 64.48 price level until the last hike resumes. At this point, we still expect strong resistance within levels of $ 63.04 / $ 66.69 to limit the upside to achieve the reversal. We don’t expect out of the fixed range between the level of $ 50.64 / $ 66.49 yet.

However, a steady break of the level at $ 66.49 will bring an upward acceleration to the 100% forecast from the levels at $ 50.64 to $ 66.49 from $ 55.41 at $ 67.50.

USDWTI Short term Trend: Bullish

Overcoming the upper horizontal level, prices have shown unusually strong bullish momentum in the short-term. Buyers managed to take out the main technical resistance level at $ 61.40 (support now), which now acts as a support to move forward.

This could either indicate a potential overbought trend, after which prices could drop towards the moving average 5 and 13 on the level at $ 61.40, or signal the start of a strong momentum breakout that is driving up prices.

Instrument: USDWTI
Order: Buy
Entry price: $ 61.40
Stop: $ 55.41
Target: $ 66.49

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.