WTI Technical Analysis: Bulls meet tough resistance but hold at critical support

WTI has failed at the top side resistance and risks are mounted to the downside with a target of the ascending support line and the confluence of the 38.2% fibo target of 55.63. A break below it opens risk back towards 50.00 should the next major support of 54.50 gives out.
However, bears will need to get below the horizontal support that is made up of prior resistance, (the horizontal prior resistance line going back to mid-Nov 2018) which recently gave way, so committed bulls might take advantage of this level as a discount with prospects, if it holds, to the 60 handle and beyond - this support comes in at 57.60/80 area.
A break of 59.70 and then the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows at 63.74 will reveal prospects for the 70 handle.
Support levels: 57.68 56.75 56.23
Resistance levels: 59.13 59.85 60.58

Ross J Burland FXStreet

WTI daily 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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