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Laopu Gold (06181.HK) surged more than 4% in the afternoon.March 11th, Futures News: Economies.com analysts latest view: WTI crude oil futures have retreated, with overall price action remaining volatile as the market attempts to find a clear direction. However, prices continue to benefit from dynamic support from trading above the EMA50, injecting new positive momentum and helping to maintain the main upward trend. Furthermore, prices are further supported by a positive signal from the Relative Strength Index (RSI) after hitting severely oversold levels, increasing the likelihood of renewed upward momentum in the short term.March 11th, Futures News: Economies.com analysts latest view: Brent crude oil futures have resumed their downward trend. In the upcoming trading session, prices are attempting to find higher lows, which could help them gain the necessary upward momentum for a rebound. The chances of a short-term price rebound are enhanced by the dynamic support formed by prices consistently trading above the 50-day EMA. Meanwhile, the main bullish trend remains dominant in the short term, and positive signals have emerged after the Relative Strength Index (RSI) reached oversold levels.According to Irans Defapress news, Iranian Armed Forces spokesman Shekarchi called on regional countries and Muslim compatriots to point out "where the US and Israel are hiding" in order to avoid collateral damage and ensure the accuracy and maximum effectiveness of Iranian strikes.Qatar’s largest liquefied natural gas (LNG) export plant has not exported any cargo for five consecutive days, the longest such period since records began in 2008, which could further push up LNG prices.

Price of WTI weakens inside a falling wedge, breaking below prior support near $82.00

Alina Haynes

Sep 29, 2022 11:54

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On Thursday's Asian trading session, the price of West Texas Intermediate (WTI) crude oil retreated from its four-month high, as bulls took a breather near $82.00. However, as of this writing, the price of black gold has fallen to $81.30 a barrel.

 

Thus, the quote weakened from the prior support line from September 07 while remaining within the monthly falling wedge bullish chart pattern.

 

Commodity prices are anticipated to extend their recent barrier around $82.00 in light of the recent higher RSI and bullish MACD indications.

 

In order for the quotation to continue rising, however, it must first confirm the wedge formation with a decisive break above $82.80 and then overcome the 100-SMA barrier near $83.55.

 

On the other hand, if a price decline occurs, it may test the $80.00 level again before reaching the weekly horizontal support near $78.00.

 

If the price of WTI crude oil falls below $78.00, it may test the recent multi-month bottom near $76.00 and the lower line of the mentioned wedge, at roughly $75.20.


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