WTI Price Analysis: Bears eye a $62.41 support level

Ross J Burland FXStreet

WTI bears stepping in at a key level of resistance.

Bears will eye the daily support in the $62.40s.

As per the prior analysis, WTI darts to fresh highs, eyes $64 area despite OPEC+ output plans, the oil market's price action was quite a sceptical overnight.

Prior analysis, daily chart

''As per the prior W-formation on the daily chart above, there is the scope of a downside test of the current W-formation's neckline.

However, there is the probability of an upside extension first as illustrated on the chart of the current resistance gives-out which guards a run to the 64 area and prior highs.''

Live market analysis, 4 & 1-hour charts

the 40hour chart is already showing signs of exhaustion and the 38.2% Fibo is marked as a keen target.

With that being said, the overall objective is the daily support at 62.41 which is surrounded by 1 & 4-hourly confluence in the 61.8% Fibos.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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