Oil Prices Update: WTI Analysis for October 2024
WTI Crude oil prices are showing signs of recovery as they trade near $71.50, after bouncing off the $69.85 support level. Currently, technical indicators suggest a neutral to slightly bullish outlook:
Key Levels: The price is fluctuating between a low of $69.85 and a high of $71.79.
50-Day Moving Average: Positioned at $70.48, WTI remains slightly above this critical level, indicating short-term strength.
RSI: With an RSI reading of 51.25, the market is neither overbought nor oversold, suggesting a potential continuation of sideways movement or gradual uptrend.
Traders should watch the $72.80 resistance level for further upside momentum. If broken, it could signal a stronger bullish move, potentially targeting the $75 mark. Conversely, a drop below $70 may reignite bearish sentiment, aiming for $68 support.
Stay updated on WTI Crude oil prices to leverage opportunities in the volatile energy market!
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