WTI technical analysis: Bulls find short term relief while bears eye $52 handle
|- Bulls find temporary solace in hopes of a trade deal breakthrough between the US and China.
- bears can now target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.
The price of oil was finding some solace in hopes of a trade deal breakthrough between the US and China, or at last, for talks to continue and not come to a grinding halt as had been expected following last week's escalation.
Despite the comeback, however, the price of oil remains pressured. Bears are moving in again below that moving averages on the 4-hour time frames, namely the 20, 50 and 200 as price moves stays deep below the 20-daily moving average and downside trendline as well. With a focus on the downside and having taken out the trendline support, bears can now target a drop to the 52 handle and the 61.8% Fibo at 51.70 on the wide.
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.