WTI’s hourly chart is reporting an inverted flag breakdown. That bearish continuation pattern indicates an end of the corrective bounce from Thursday’s low of $53.58. WTI oil is currently trading at $55.10 per barrel, having hit a high of $55.52 earlier today. The pullback could be associated with the drop in China’s Yuan and the resulting risk aversion in the financial markets. At press time, the futures on the S&P 500 are down 1%. The black gold could see a deeper drop during the day ahead, as the hourly chart is reporting a flag breakdown, a continuation pattern, which often accelerates the preceding bearish move. The pattern has opened the doors to a retest of the recent low of $53.58. On the lower, prices may find support at a higher low of $54.67 created on Friday. The bearish case would be invalidated if prices break above $55.50, which looks unlikely. Hourly chart Trend: Bearish Pivot points FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Bitcoin price analysis: BTC/USD is ripe for short-term correction before another bullish assault FX Street 4 years WTI's hourly chart is reporting an inverted flag breakdown. That bearish continuation pattern indicates an end of the corrective bounce from Thursday's low of $53.58. WTI oil is currently trading at $55.10 per barrel, having hit a high of $55.52 earlier today. The pullback could be associated with the drop in China's Yuan and the resulting risk aversion in the financial markets. At press time, the futures on the S&P 500 are down 1%. The black gold could see a deeper drop during the day ahead, as the hourly chart is reporting a flag breakdown, a continuation pattern, which often… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
