Chart Of The Day: WTI buyers aim for 200-day EMA on the break of $56.60/70 confluence

Mon, 09 Sep 2019 13:12

WTIDaily_09092019.png

With the sustained break of 100-day EMA and more than four-month-old falling trend-line, WTI seems all set to question 200-day EMA level of $57.80 during further upside. It should also be noted that the energy benchmark's rise above $57.80 can avail $58.50, $59.00 and $60.00 as intermediate halts prior to targeting early-July high near $60.80.

On the contrary, a downside break below $56.70/60 support-confluence including 100-day EMA and aforementioned support-line, could quickly fetch the quote to $54.80 and then to $53.00 rest-points.

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