Crude oil remains within near-term congestion; pressure on range floor persists
|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
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