WTI Technical Analysis: Bulls creeping towards critical break up level, eye 61.8% Fibo through 63 handle

0
  • While WTI holds above the double-top highs and above the 57.80/90 horizontal prior resistance line going back to mid-Nov 2018, the market leans bullish.
  • A break out of the wedge’s resistance through the 59.70s is needed where bulls will then look to the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows in the 63.70s, reviving prospects for the 70 handle.
  • On the flipside, a fall to 54.50 will open a case for 50.50 as the 23.6% Fibo support structure.
  • Pivot points: S1 58.48 S2 57.76 S3 57.39
  • Pivot points: R1 59.57 R2 60.00 R3 60.85

Get the 5 most predictable currency pairs

About Author

Comments are closed.