Chart of the Day: WTI
|Crude is stalling at confluence of supports
Crude oil closed last week at a key confluence of supports ~$77, while completing a double top target. These are: the 88.6%% Fib of the last bullish leg (December 2021- March 2022), the 50% Fib of the whole move from $11 to $131 (using the continuous as a reference) and the double top target (October - November highs). What happens from here is important. An initial rebound is extremely likely but the level to watch is a back-test of $77.50. A break above that level will start pointing to a developed bottom but until that happens, we have to respect the recent trend.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.