WTI Crude Oil

Resumes lower on Monday and holding in daily Ichimoku cloud, after Friday’s long-legged Doji. Friday’s spike to 48.44 (just above near-term congestion top at 48.30) and subsequent weakness, signaled failure at the upper boundary, keeping the downside vulnerable.
Key near-term supports lay at  46.40/20 (higher base/Fibo 38.2% of 41.09/49.37 ascend, reinforced by the base of descending daily cloud), violation of which would trigger an extension of corrective pullback from 49.34 (19 Aug peak) towards 45.22 50% retracement) and 44.24 (Fibo 61.8%/daily Kijun-sen).
Near-term studies are in negative / neutral mode, with prolonged consolidation expected while 46.40 trigger holds.
Daily cloud top at 47.69, reinforced by broken daily Tenkan-sen line, marks strong barrier ahead of near-term range top breakpoint.                              

Res: 47.26; 47.69; 48.44; 48.92
Sup: 46.77; 46.40; 46.20; 45.22

Oil

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

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