WTI technical analysis: 53 handle and 23.6% Fibo in range


  • An aggressive sell-off of over 6.5% down to trendline support occurred overnight.
  • On the flip side, the upside target is the 78.6% Fibo and Sep highs in the 58.70s. 

Bears are back in control following that daily doji printed earlier in the week.  An aggressive sell-off of over 6.5% down to trendline support occurred overnight. 54.80 gave out and focus is now on a close below the 38.2% Fibonacci retracement support of the July swing highs to May-July horizontal support which guards 53 the figure and the 23.6% Fibo of the same range. The upside target is the 78.6% Fibo and Sep highs in the 58.70s. 

WTI daily chart


 

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