WTI Technical Analysis: Long upper wick of Thursday's candle is cause for concern for the bulls
|- Thursday's candle is signaling buyer exhaustion near $59.70.
- A move below $59.29 would validate Thursday's candle, inviting stronger selling pressure.
WTI oil is currently trading at $59.50 per barrel, representing marginal gains on the day.
The long upper shadow attached to Thursday's candle indicates buyer exhaustion near $59.70.
The candle would gain credence if the session low of $59.29 is breached. That will likely invite stronger selling pressure, possibly yielding a drop to $58.00.
A quick move above $59.70 is needed to keep the bullish trend going. At press time, the pair is reporting a 7.7% gain on a month-to-date basis.
Daily chart
Trend: Bearish below $59.29
Technical levels
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