WTI technical analysis: Capped at hourly 200HR EMA and channel resistance

The price of WTI is now up to the hourly 200 HR EMA and channel resistance.
However, stochastics are not favourable for a downside correction.
Also, the weekly and monthly hammer is bullish.
Channel resistance guards a run back towards the 29th May lows at 56.91.
However, on a continuation of the downside, the next major target is located at 14th Jan 50.41 low (just below recent lows of 50.60) ahead of the 26th November lows at 49.44.
Between these levels, we have the descending wedge patter's support around 49.70/50.00.

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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