- WTI extending the upside through channel resistance.
- Channel resistance was guarding a run back towards the 29th May lows at 56.91.
- On a continuation of the downside, the next major target is located at 14th Jan 50.41 low ahead of the 26th November lows at 49.44.
- Between these levels, we have the descending wedge patter’s support around 49.70/50.00.
Daily WTI
Weekly WTI
- We have a weekly and monthly hammer as bulls step in and sellers take profits making for a potential trend reversal.
- WTI’s price was unable to hold below the 200 W EMA and was rejected just below the 32.8% Fibo.
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