WTI Price Analysis: Bears in control, on verge to close the gap

WTI is on the way to closing the gap.
WTI is sliding into a prior 4-hour resistance area.

Ross J Burland FXStreet

The price of oil is under pressure on Thursday, extending the losses from mid-week trade, and on the verge of closing the gap as the following will illustrate.

As per the prior analysis, WTI bears move in and eye a close of the gap at $75.65, the price of oil is closing the gap:

WTI prior analysis

´´The bears are in and eye a 38.2%fibonacci correction towards a close of the gap at $75.65bbls.´´

WTI update

We are seeing a deterioration in price.

WTI H4 chart

On the 4-hour chart, we can see the nearest potential support structure for while the price is currently moving into. This could produce a bout of profit-taking and a move up into the sell-off:

The prior support comes in at the 61.8% ratio near $78.70.

WTI H1 chart

On the hourly chart, there could be a lower resistance as per the trendline resistance and the Fibonacci scale3 confluences.

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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