West Texas Intermediate’s US crude oil futures are trading higher during Friday’s extended trading session, making their first weekly gain since early January. Market sentiment improved throughout the week after a massive sell-off brought prices to a multi-month low as investors bet on OPEC + and cut their production. The price action also suggests that traders believe that the coronavirus‘ economic impact is short-lived.
<p class = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "at 21:36 GMT, April WTI crude oil Futures are trading at $ 52.40, up $ 0.74, or + 1.43%. “data-reactid =” 12 “> At 21:36 GMT, WTI crude oil futures are trading at $ 52.40 in April, up $ 0.74 or 1.43%.
Daily technical analysis
The main trend has risen, according to the daily swing chart. The main trend appeared earlier on Friday when buyers pulled out the last main top at $ 52.34. The main trend will move lower when the last two main lows are at $ 49.63 and $ 49.50.
The short-term range is between $ 54.39 and $ 49.50. The retracement zone at $ 51.95 to $ 52.52 is the first upward target. This area is currently being tested.
The intermediate range is between $ 58.90 and $ 49.50. The retracement zone at $ 54.20 to $ 55.31 is the next upward target, along with the main peak at $ 54.39.
The trend changed higher on Friday as the market topped a swing top at $ 52.34. The move to the strong side of the steep Gann downtrend at $ 51.99 also indicated increasing purchasing power. Overcoming the Fibonacci level at $ 52.52 is a third indication that the purchase is greater than the sale at the current price level.
Based on the current setup, the Fib level at $ 52.52 is a trigger point for a possible acceleration upwards. When strong buyers get moving, look for a rise to the mid 50% level at $ 54.20, followed by the next main peak at $ 54.39.
On the other hand, support is at $ 51.99, $ 51.95 and a short-term Gann uptrend at $ 51.63.
If the Gann uptrend angle fails at $ 51.63 support, look for another retreat to a pair of Gann uptrend angles at $ 50.63 and $ 50.13. The latter is the last possible support angle before the main floors of $ 49.63 and $ 49.50.
<p class = "Artboard-Atom Artboard-Text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "This items was originally published on FX Empire “data-reactid =” 33 “> This article was originally published on FX Empire