WTI Technical Analysis: Bears look to 61.80

Stochastics lean bearish in oversold territory.
A daily close below the 61.8% Fibo and then the 8th April's low opens the case for 61.80.
Bears will look for a test all the way to the 200-D SMA - (61.20) and 100 4HR SMA at 61 the figure to negate the upside bias.
If the 200-DMA gives out, bears can target below 61 the figure for a run to the rising wedge's support line.
A break of the support line and below $57.80 opens the case for a continuation of the bear trend that would target below the $42 handle and late Dec lows.

Ross J Burland FXStreet

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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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