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  • WTI dropped below the golden cross (50/200 DMA cross-over) overnight.
  • This was a key level that was coinciding with the 23.6% Fibo, late Dec-late April range, and ascending channel support.
  • Bears are now in control below the 60 handle with a touch-down at  57.36 the overnight low, to the 61.8% Fibo, (late Dec 2018 to April highs).
  • 54.50 and the 50% retracement of 2019 range come in next ahead of the 200-W MA down at 52.40.
  • Below there, we have and  the 38.2% Fibo and Feb lows at 52.50/51.40 respectively.

 

  • Stochastics are oversold, so a move higher is likely.  
  • 60.50  comes in as the 50% mean reversion of the 20th May weekly stick’s range and a double top target  ahead of  60.80.
  • Higher  up,  the 17th May low of 62.51 and 26th April  lows comes in at 62.26.