The current sentiment surrounding WTI can be characterized as neutral, given the presence of mixed signals encompassing both bullish and bearish indicators.
Firstly, the RSI (Relative Strength Index) has dipped into oversold territory, suggesting a bearish outlook. Additionally, the price has breached a critical support zone within the range of 90.423 to 90.89 (as indicated by the blue rectangle), further underscoring the bearish sentiment. Notably, this previously pivotal support zone has now assumed the role of a resistance zone, following the principle of SBR (Support Becomes Resistance).
It's also worth noting that the EMA 50 (Exponential Moving Average) remains positioned above the EMA 200, a situation often associated with bullish sentiment.
Key resistance levels to monitor include the ranges of 90.423 to 90.89 (blue rectangle) and 91.86 to 92.91 (orange rectangle). Conversely, the next significant support zone can be identified at 88.47 to 89.24.
Forecast: 5.50%
Previous: 5.50%
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