WTI Crude Futures: Early signs of an end of consolidation
George Lam November 11, 2020 1:48 PM
On Tuesday, WTI Crude Futures (Dec) advanced 2.7% to a 3-week high at $41.36, after surging 8.5% in the prior session.
On a daily chart, WTI Crude Futures (Dec) shows early signs of an upside breakout from a bearish channel drawn from August. In fact, it has returned to levels above both the 20-day and 50-day moving averages, while the relative strength index showed bullish divergence. The level at $39.00 might be considered as the nearest support, while the 1st and 2nd resistance are expected to be located at $43.80 and $46.50 respectively.
Source: GAIN Capital, TradingView
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