- WTI is caught between structure and offers little scope of an opportunity.
- Bears have been denied by a bullish surge to resistance.
The price of the black gold has rallied from daily support to a resistance also marked on the daily charts.
The monthly picture remains bearish but there is work to do on the lower time frames still.
The following is a top-down analysis starting with the bearish monthly outlook based on Fibonacci and structure.
Monthly 61.8% and bearish wick
-637377095477351528.png)
The 61.8% combined with the monthly wick that is supposed to be filled in remains compelling.
The wick is simply the weekly bid/correction.
Bears will be looking for this next couple of weeks to close lower.
The weekly structure holding firm
-637377095767097342.png)
So far, the weekly chart is trapped. Support needs to give for a bearish opportunity to arise once again.
Range-bound trading
-637377096104462276.png)
The daily chart offers little clue as well. If resistance holds, then range-bound trading might be expected.
From here, the one-hour chart can be monitored for potential setups within the ranges.
There are currently no such opportunities until we see a higher high or low followed by a retracement to either fade or buy the dips.
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