- The speculative bid has been stripped from the price of oil.
- Bears have eyes for a full retracement back to the year’s lows around 50.50.
WTI is bleeding heavily on the renewed prospects of a global slowdown following the recent US data which has sent inventors to look for safer havens. The speculative bid has been stripped from the price of oil and as such exposes the downside towards a full 100% retracement of the June-July support. Indeed, trendline support has given way and key moving averages in the 200, 50 and 21-daily MAs have been left for dust as well. Bears have moved further to test the vicinity of the 78.6% Fibonacci level (a reenactment target of the August rally) in the mid 53 handle and have eyes for a full retracement back to the year’s lows around 50.50.
WTI daily chart
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