- With price capped at the rising resistance line, WTI is on the verge of a break below the 61.8% Fibo down in the 63.70s with 4HR stochastics turning lower out of overbought territory – now leaning bearish.
- A daily close below the 61.8% Fibo, or, ideally an engulfing bearish close below 8th April’s low would open the case for 61.80 below the 504hr SMA.
- and then a test of the 200-D SMA – (61.20) and 100 4HR SMA at 61 the figure.
- If the 200-DMA gives out, bears can target below 61 the figure for a run to the rising wedge’s support line.
- A break of the support line and below $57.80 opens the case for a continuation of the bear trend that would target below the $42 handle and late Dec lows.
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