Crude Oil Price Update – Main Trend Changed to Boost Trading with $ 54.39 Swing Top

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 April WTI crude oil

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.

Short-term outlook

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

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