- 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.
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