After limited setback to $71.41 kept WTI well above $70 psychological level, it could resume its ascending channel to be traded currently near $73 in a higher place above its daily SMA50, its daily SMA100 and also its daily SMA200.
WTI getting above $72.84 which has been last May. 22 high could make the crude much more vulnerable to the upside to reach a higher high at $73.86 last Tuesday.
WTI could previously have another bullish sign on its upward trend by its ability to form an intermediate support at $67.32, after bottoming out at $63.37 on last Jun. 18.
WTI is now on its tenth day of consecutive being above its daily Parabolic SAR (step 0.02, maximum 0.2) which is reading today $68.33.
WTI daily RSI-14 is still referring to existence inside its neutral area unable to approach its overbought territory above 70 reading now 66.367.
WTI daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having its main line now inside its neutral region at 67.774 leading to the downside its signal line which is higher in this same area at 76.964, after negative crossover inside the overbought area above 80.
WTI Daily MACD(12,26,9) is still well above the zero line and the histogram is still stable showing no sign of decreasing height or convergence toward the zero line until now, after a period of increasing mode on accelerating of the upside momentum.
Important levels: Daily SMA50 @ $68.82, Daily SMA100 @ $66.36 and Daily SMA200 @ $62.03
Experienced S&R:
S1: $71.41
S2: $67.32
S3: $63.38
R1: $73.86
R2: $77.77
R3: $83.23
Have a good day
Kind Regards
Global Market Strategist of FX-Recommends
Walid Salah El Din