WTI's American session rally stalls around $76.00 amid an upbeat market mood By christianborjon Oil WTI Commodities Energy
Western Texas Intermediate advances dome 2.66% during the New York session, exacerbated by thin trading liquidity conditions.WTI Price Forecast: Tilted to the upside, though a break above the 50-DMA would open the path towards $79.00.benchmark, surged during the New York session, trading at $75.74 at the time of writing.
The WTI daily chart depicts the black-gold has an upward bias. Through the day, oil pierced the 100-day moving average , leaving exposed the 50-DMA at $76.69. Nevertheless, the upward move was capped around the $76.00 figure, retreating some $0.25 to the current price. On the other hand, the first support would be the $75.00 psychological level. A decisive break of that level would expose the 100-DMA at $74.18, followed by $74.00.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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