WTI technical analysis: 50% mean reversion opens late March double-top target


  • WTI dropped below the golden cross (50/200 DMA cross-over) overnight.
  • This was a key level that was coinciding with the 23.6% Fibo, late Dec-late April range, and ascending channel support.
  • Bears are now in control below the 60 handle with a touch-down at 57.36 the overnight low, to the 61.8% Fibo, (late Dec 2018 to April highs).
  • 54.50 and the 50% retracement of 2019 range come in next ahead of the 200-W MA down at 52.40.
  • Below there, we have and the 38.2% Fibo and Feb lows at 52.50/51.40 respectively.

  • Stochastics are oversold, so a move higher is likely. 
  • On a break of 60.02, 60.50 comes in as the 50% mean reversion of the 20th May weekly stick's range and a double top target area ahead of 60.80.
  • Higher up, the 17th May low of 62.51 and 26th April lows comes in at 62.26.


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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD recovers post-Fed losses, awaits data

EUR/USD is trading close to 1.1050, up from the lows it fell to on Wednesday after the Fed cut rates but signaled no new moves are imminent. Markets are digesting the decision and eyeing several US figures.


GBP/USD stabilizes below 1.25 ahead of UK retail sales, BOE

GBP/USD is trading below 1.25, consolidating its losses after the US Fed cut rates as expected and indicated a pause. The Bank of England is set to leave rates unchanged. Beforehand, UK retail sales are due out.


USD/JPY keeps losses below 108.00 as BOJ disappoints the doves

USD/JPY keeps the losses below 108.00, as the Japanese Yen remains on the front foot in reaction to the Bank of Japan's (BOJ) status-quo that came in as a disappointment for the doves. 


Gold: Indecisive market, focus on today's close

Gold is currently trading at $1,480 per Oz, representing 0.21% drop on the day. On Wednesday, the yellow metal witnessed two-way business before ending the day with moderate losses at $1,494.

Gold News

Forex Today: Dollar surrenders post-Fed gains, Aussie and Bitcoin tumble, BOE in focus

The US dollar is off its highs against major pairs as markets digest the Federal Reserve's decision. The Fed cut rates by 25 basis points as expected and the dot-plot signaled no further cuts this year or the next.

Read more