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  • WTI is caught between structure and offers little scope of an opportunity.
  • Bears have been denied by a bullish surge to resistance.

The price of the black gold has rallied from daily support to a resistance also marked on the daily charts. 

The monthly picture remains bearish but there is work to do on the lower time frames still.

The following is a top-down analysis starting with the bearish monthly outlook based on Fibonacci and structure. 

Monthly 61.8% and bearish wick

The 61.8% combined with the monthly wick that is supposed to be filled in remains compelling.

The wick is simply the weekly bid/correction.

Bears will be looking for this next couple of weeks to close lower. 

The weekly structure holding firm

So far, the weekly chart is trapped. Support needs to give for a bearish opportunity to arise once again. 

Range-bound trading

The daily chart offers little clue as well.  If resistance holds, then range-bound trading might be expected. 

From here, the one-hour chart can be monitored for potential setups within the ranges.

There are currently no such opportunities until we see a higher high or low followed by a retracement to either fade or buy the dips.