Home WTI technical analysis: Bears capitulated at 23.6% fibo

WTI technical analysis: Bears capitulated at 23.6% fibo

Published date: 11 Jun. 2019 | 02:02

Bears were capped at the 23.6%fibo.
However, the weekly and monthly hammer make for a potential trend reversal.
Channel resistance 55 guards a run back towards the 29th May lows at 56.91.
However, on a continuation of the downside, the next major target is located at 14th Jan 50.41 low (just below recent lows of 50.60) 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.

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