WTI Price Analysis: Bulls look to target prior support

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  • WTI bulls seeking upside correcting to test prior support.
  • Traders focussed on the W-formation target, switch to the M-formation target. 

The price corrected the prior daily bullish impulse and has reached the 61.8% Fibonacci retracement target of the range at $60.89 the low.

This is an area of confluence when considering the 5th April highs.

It was a typical outcome of the bearish W-formation on the daily chart.

At this juncture, the support would be expected to hold initial tests.

Bulls can target the M-formation’s neckline in the meantime.

However, a bullish extension target can be measured from the correction’s range which brings in a -272% target at 65.30 on the upside. 

If, on the other hand, the prior support holds the bulls off, then there will be a focus on the downside again. 
 

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