WTI: Bullish, Eyes The 54.09 Levels With Caution!
As long as 49.30 support holds on a weekly closing basis, the WTI Crude Oil remains on the upside. At this point, the pair needs to break and hold above the 51.80 levels on a weekly closing basis or (a sustained breakout on a daily basis) to prevent a return to the downside, if seen it will aim the 54.09 levels, a halt is likely but a break will open 56.32, further upside resistance stands at the 59.82 levels.
Alternatively, a failure to hold above the 51.80 levels on a weekly closing basis could mean a return to the 49.30 levels, a cut through that level will suggest short-term topping and pave the way to the 45.50 levels ahead of 42.70 levels…
Conclusion: The WTI OIL continues to face upside threats above the 49.30 levels with risk to the 54.09 levels…
1- A weekly closing above 51.80 will aim 54.09 levels.
2- A weekly closing above 54.09 will pave the way to 59.82 levels.
3- A failure to hold above 51.80 (weekly basis) could mean a return to the 49.30 levels.
4- The daily chart is light bullish, it suggests a test to 53.05 levels before the next falling, so the pair may test 53.05 levels and return below 51.80 quickly…..
5- If the pair manages to reach 54.09 levels, we have a strong static resistance on the weekly chart so a pullback will be insight, anyway if this occurs, support comes at 53.05 ahead of 51.80 levels…
6- We have hidden bullish divergence, neckline comes at 52.93 levels, a weekly closing above that level may expose the 54.09 levels and pave the way to the 59.82 levels.
Outlook in XAUUSD has turned neutral at the moment, support comes at the 1251 levels while resistance comes at the 1315 levels.
On the upside, above 1315 will bring limited gains to the 1354 levels, a halt is likely but a break will restore the upside momentum and pave the way to the 1392 levels, next resistance comes at the 1448 levels.
On the downside below 1251 sees fall risk to the 1204/1188 levels.
Conclusion: The WTI Oil sees sideways move within 1251/1315 range…