WTI Technical Analysis: long upper wick of Thursday’s candle is cause for concern for the bulls

• Thursday’s candle is signaling buyer exhaustion near $59.70.  
• A move below $59.29 would validate Thursday’s candle, inviting stronger selling pressure.  

WTI oil is currently trading at $59.50 per barrel, representing marginal gains on the day.  

The long upper shadow attached to Thursday’s candle indicates buyer exhaustion near $59.70.  

The candle would gain credence if the session low of $59.29 is breached. That will likely invite stronger selling pressure, possibly yielding a drop to $58.00.  

A quick move above $59.70 is needed to keep the bullish trend going. At press time, the pair is reporting a 7.7% gain on a month-to-date basis.  

Daily chart

Trend: Bearish below $59.29

Technical levels