WTI is down to a prior resistance which could act as a support from which bulls will seek to get long if it holds and price corrects. However, the charts are in overbought territory and if price action respects the law of gravity, bulls could be squeezed out down to the rising wedge’s support. Bears will then look for the price to buckle below the 61.8 Fibo, at 63.70. On a break there, the 200-D SMA at 60.80 will then be exposed – Given how coiled the stochastics are across multiple time frames, there is an overwhelming case for the downside. However, should bulls commit here of even within the rising wedge at any point in this correction, then the case for a test of 69.50 and the 70 psychological level remains on the cards. 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 BTC/USD Technical Analysis: Bears have control as bulls attempt comeback FX Street 4 years WTI is down to a prior resistance which could act as a support from which bulls will seek to get long if it holds and price corrects. However, the charts are in overbought territory and if price action respects the law of gravity, bulls could be squeezed out down to the rising wedge's support. Bears will then look for the price to buckle below the 61.8 Fibo, at 63.70. On a break there, the 200-D SMA at 60.80 will then be exposed - Given how coiled the stochastics are across multiple time frames, there is an overwhelming case for the… 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.
