WTI Technical Analysis: Bears testing bull commitments at key trend-line supports

Ross J Burland FXStreet

The price was climbing along a trend line support est.11th Feb. down in the 51 handle and again around 55.56 at the start of this month but it is taking it on in Tokyo with a drop to 56.01 so far.
The daily Ichimoku Cloud is not bullish enough as the price moves into a phase of consolidation.
Key support is now located at 55.95.
Bears can aim for 38.2% Fibo and recent lows that are located around 55.60/10.
However, hourly Stochastics are overcooked to the downside.
Bulls have eyes on a target of the recent tops of 57.85/93 double-tops.

WTI hourly chart

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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