WTI Technical Analysis: Bulls meet tough resistance but hold at critical support

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  • WTI has failed at the top side resistance and risks are mounted to the downside with a target of the ascending support line and the confluence of the 38.2% fibo target of 55.63. A break below it opens risk back towards 50.00 should the next major support of 54.50 gives out. 
  • However, bears will need to get below the horizontal support that is made up of prior resistance, (the horizontal prior resistance line going back to mid-Nov 2018) which recently gave way, so committed bulls might take advantage of this level as a discount with prospects, if it holds, to the 60 handle and beyond – this support comes in at 57.60/80 area.  
  • A break of 59.70 and then the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows at 63.74 will reveal prospects for the 70 handle.
  • Support levels: 57.68 56.75 56.23
  • Resistance levels: 59.13 59.85 60.58

WTI daily chart

 

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