- Bears remain in control as price stays below the key daily moving averages.
- A move below the 50 handle on an escalation of the trade war opens risk to 47.56.
WTI has picked up a slight bid in Asia following yet another washout overnight on trade war fears and subsequent global economic contraction. WTI is currently trading at 52.23, from a low of 52.26 to a high of 52.56 so far. Technically, the price is still below the 61.8%% Fibo of the late Dec to 2019 range.
Bears are in control as the price stays below the bearish alignment of the 50 and 200 daily moving averages. A move below the 50 handle on an escalation of the trade war opens risk to 47.56 as the 78.6% Fibo. On the upside, the 20-D moving average guards the run towards 56.80 and then 60.50.
Share
