- 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
WTI daily chart
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.