WTI futures have been exhibiting a bullish trend since December, with prices reaching a six-month high recently. Despite a slight retreat from the peak, the price found support at the 50-day SMA, indicating a potential for further upward movement.
The price movement of WTI futures suggests a possibility of a rebound, with immediate resistance seen at the 61.8% Fibonacci retracement level. If the price surpasses this level, it could target the recent high of 86.90. On the other hand, a bearish scenario could lead to a test of the 50.0% Fibonacci level, followed by potential support at the 38.2% and 23.6% Fibonacci levels.
Despite facing a setback, WTI futures have shown resilience by bouncing back from the 50-day SMA. The momentum indicators support a continuation of the recent upward trend, indicating a positive outlook for WTI futures trading.
WTI futures have been following a bullish trajectory, with prices maintaining an upward momentum. The technical analysis suggests a potential for further gains, with key levels of resistance and support to watch for in the coming trading sessions. Traders and investors should closely monitor the price action and momentum indicators to capitalize on the opportunities presented by WTI futures trading.