WTi technical analysis: Bears in control below daily moving averages

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  • Bears now look to the 52 handle in series of lower lows.
  • Overnight, WTI took on fresh weekly lows below the prior 56.77.

Oil continues to slide and further away from the 20-day moving average and below the confluence of the 50 and 200 moving averages of the same period down at 57.90.  Overnight, WTI took on fresh weekly lows below the prior 56.77 and the series of bearish pin bars shows that there is strong supply on correction attempts. Bears now look to the 52 handle before the 14th Jan 50.41 lows. Further lower, the 26th November lows are located at 49.44 as a target. 

 

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