• Interestingly, the recent retreat in the price action of WTI after a rebound of 19% from its Jun 2019 low has stalled right at medium-term descending trendline resistance from 23 Arp 2019 swing high that confluences with the 61.8% Fibonacci retracement of the decline from 23 Apr high to 05 Jun 2019 low.
• Momentum remains negative as indicated by the RSI oscillator after a bearish breakdown from a significant corresponding ascending support at the 48 level. Therefore, if the 59.60 key medium-term pivotal resistance is not surpassed, WTI may continue its downward spiral in the next 1 to 3 weeks to target 54.35 follow by 50.90 next.
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