WTI technical analysis: Price moving further below trendline resistance

• WTI 200-daily moving average now below the 56 handle and testing trendline resistance.  
• Bears tested the upper end of the 52 handle’s waters with a 61.8% Fibo target at 51.70 in focus.

Oil prices have been whipsawed with no clear technical direction mapped out on the four nor daily charts of late. However, while below the 38.2% Fibonacci, (Fibo), retracement a bearish bias persists.  

Overnight, the bears tested the upper end of the 52 handle’s waters with a 61.8% Fibo target at 51.70 in focus. Should the bulls manage to pick up traction, they are some way off now from the  60 handle and the 200-daily moving average at the 56 handle and testing trendline resistance.