Noor Trends News, Technical Analysis, Educational Tools and Recommendations
Futures prices for West Texas Intermediate (WTI) crude oil temporarily regained their upward trend during the previous session after clearly breaking the resistance level of 62.50, reaching a high of $63.64 per barrel.
Technical Outlook – 4-Hour Timeframe
Intraday movements show a downward bias as part of a natural corrective move after the previous session’s rally, with ongoing attempts to rebound. The 50-day Simple Moving Average has turned into a support level, strengthening the positive outlook. The Relative Strength Index (RSI) is sending positive signals after successfully correcting previous overbought conditions, which suggests the price is trying to gain additional momentum that could push it to higher levels.
Probable Scenario
As long as trading remains stable above the support level of 62.80, the upward path remains dominant. A break above 63.65 would pave the way toward 63.95 as the first resistance, followed by 64.50 as a key resistance area.
If trading falls back below 62.80, this would create negative pressure, reinforcing a return to the downward trend with 62.10 as an initial target. This could later extend toward 61.60.
Fundamental Note:
We are awaiting high-impact economic event today, specifically “Jerome Powell’s speech at the Jackson Hole Economic Symposium throughout the day.” This event could cause strong price volatility.
Warning
- High Risk: The risk level is high amid ongoing trade and geopolitical tensions, and all scenarios may be plausible.
Disclaimer
Trading in CFDs involves high risk, and therefore all scenarios are subject to potential outcomes. The analysis provided above is not a recommendation to buy or sell but rather an illustrative reading of price action on the chart.
| S1: 62.80 | R1: 62.10 |
| S2: 61.60 | R2: 63.90 |
| S3: 64.30 | R3: 65.00 |
