WTI has bowed out of an advance towards the 200-D EMA. Overnight trade had the pair capped at the weekly 20-Experiential Moving Average and moving below the 4HR 200 EMA. Bears can target back down to the 200 weekly EMA (last week’s low) and the 61.8% Fibo. Should this give out, then there will be prospects for a correction to back towards the 14th Jan 50.41 low and then the 26th November lows at 49.44. On a correction, a break above the 200-D EMA opens the 30th May highs at $59.67 to put the bulls back on course for the $60 psychological level.
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