WTI technical analysis: Holding up in neutral territories, eyes 50% Fibonacci retracement level

Bulls eye 59.50 could prove a more likely near term target while above trendline resistance.
However, bulls have run into resistance and a daily doji has been painted on the daily time frame.

Ross J Burland FXStreet

WTI has been holding up in neutral territories. The bulls have been eyeing the 78.6% Fibonacci retracement levels of the July swing lows and highs with the 60 handle on the radar, but bulls have run into resistance and a daily doji has been painted on the daily time frame.

60.65 comes as the key target. Meanwhile, however, a 50% mean reversion of the Sep to Dec 2018 lows located at 59.50 could prove a more likely near term target. To the downside, the 23.6% level at 53 the figure is critical.

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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