30 Jan 2015
WTI Crude gains almost 2%
FXStreet (Mumbai) - Crude prices in the US continue to see a chart driven recovery despite a weak US GDP print.
Strong support at USD 44.50
Crude prices have repeatedly managed to sustain above USD 44.50/barrel levels on a daily closing basis since the beginning of the current week. Prices did hit a low of USD 43.56/barrel in the previous session, only to finish at USD 44.56 levels.
Moreover, Price-RSI have formed bullish divergence on the daily chart, with prices inching closer to 10-DMA located at USD 45.60/barrel. Crude has successfully breached the 5-DMA at USD 44.97 and may end the current week on a positive note.
WTI Crude Technical Levels
Crude currently trades at USD 45.31/barrel. The immediate resistance is located at 44.98, above which gains could be extended to 45.71 levels. Meanwhile, support is seen at 45.00 (hourly 100-SMA), and 44.56 (50-SMA) levels.
Strong support at USD 44.50
Crude prices have repeatedly managed to sustain above USD 44.50/barrel levels on a daily closing basis since the beginning of the current week. Prices did hit a low of USD 43.56/barrel in the previous session, only to finish at USD 44.56 levels.
Moreover, Price-RSI have formed bullish divergence on the daily chart, with prices inching closer to 10-DMA located at USD 45.60/barrel. Crude has successfully breached the 5-DMA at USD 44.97 and may end the current week on a positive note.
WTI Crude Technical Levels
Crude currently trades at USD 45.31/barrel. The immediate resistance is located at 44.98, above which gains could be extended to 45.71 levels. Meanwhile, support is seen at 45.00 (hourly 100-SMA), and 44.56 (50-SMA) levels.