WTI Price Analysis: Looks set to deliver biggest monthly close of 2023 – by Sagar_Dua24 Oil WTI Fed PMI Breakouts
xtend upside but a bullish bias has not faded yet as investors believe that interest rates by global central banks are near peak.
The Federal Reserve shifts to incoming data for further policy action after raising interest rates on July 26. Also, fears of recession fade now, indicating that overall oil demand in the United States will remain upbeat.data for July, which will be published on Tuesday. As per the consensus, the economic data is seen declining marginally to 50.3 vs. the former release of 50.5.pattern formed on a daily scale. A breakout of the aforementioned chart pattern results in wider ticks and heavy volume.
The Relative Strength Index has shifted into the bullish range of 60.00-80.00, which indicates that the upside momentum is active.price needs to break above the previous week’s high of $80.53 decisively, which will drive the asset toward January 3 high at $81.56 followed by April 12 high at $83.40.
In an alternate scenario, an explosive downside move below July 17 low at $73.80 would drag the asset toward June 21 high at $72.70 and the round-level support of $70.00.
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