WTI Crude Oil
The Oil completed Three White Soldiers reversal pattern, on yesterday’s third consecutive strong daily bullish close. Rally stalled at 49.29, short of targets at 49.49, lower top of 29 July and psychological 50 barrier, followed by corrective pullback. Daily slow Stochastic, reversing in overbought zone, is expected to give initial bearish signal. Dips are looking for initial support at 46.57, Fibonacci 23.6% of 37.75/49.29 recovery rally, followed by 45.87, peak of 28 Aug, with extended pullback to ideally reverse above 44.88, Fibonacci 38.2% retracement. Only losing 43.52, yesterday’s low and 50% of 37.75/49.29 rally, reinforced by daily Kijun-sen line, would neutralize near-term bulls.
Res: 48.17; 49.29; 49.49; 50.00
Sup: 47.01; 46.57; 45.87; 43.52
The Oil completed Three White Soldiers reversal pattern, on yesterday’s third consecutive strong daily bullish close. Rally stalled at 49.29, short of targets at 49.49, lower top of 29 July and psychological 50 barrier, followed by corrective pullback. Daily slow Stochastic, reversing in overbought zone, is expected to give initial bearish signal. Dips are looking for initial support at 46.57, Fibonacci 23.6% of 37.75/49.29 recovery rally, followed by 45.87, peak of 28 Aug, with extended pullback to ideally reverse above 44.88, Fibonacci 38.2% retracement. Only losing 43.52, yesterday’s low and 50% of 37.75/49.29 rally, reinforced by daily Kijun-sen line, would neutralize near-term bulls.
Res: 48.17; 49.29; 49.49; 50.00
Sup: 47.01; 46.57; 45.87; 43.52
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