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Technical Analysis – WTI futures hold above SMAs and Ichimoku cloud

Posted on September 1, 2020 at 9:28 am GMT

WTI crude oil futures continue to rise above the Ichimoku cloud and the 20- and 40-period simple moving averages (SMAs) in the 4-hour chart, stretching its upward trajectory near the five-month peak of 43.77. According to the RSI, the commodity could push for further gains in the short-term as the indicator picks up steam near its neutral threshold of 50. The stochastic is also advancing, completing a bullish crossover within its %K and %D lines. In the positive scenario, where the price continues to expand, the next stop could occur around the [..]

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