- WTI bounces off short-term falling trend channel’s support.
- Buyers will look for a sustained break of the channel’s resistance to extend the recovery.
- December 2018 low will grab the bears’ attention during the further declines.
WTI extends the pullback from multi-month low to $44.85 during the Asian session on Monday. Even so, the energy benchmark stays inside a short-term falling trend channel on the one-hour (H1) chart.
As a result, buyers will look for entry following a successful break of $45.20 to stretched the bounces towards $46.00 and Friday’s high surrounding $47.10.
Should there be a further upside past-$47.10, $50.00 will be on the bulls’ radars to watch.
Alternatively, $44.00 and the said channel’s support, around $43.40, can act as immediate rest-points during the quote’s fresh declines.
However, the black gold’s further downside below $43.40 will be vulnerable to recall December 2018 low near $42.15 on the chart.
WTI hourly chart
Trend: Bearish
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