WTI technical analysis: Price holds at trendline support

Ross J Burland FXStreet

WTI trades around the 200 weekly EMA near 52.50 and bears will look for a push below the 14th Jan 50.41 low which guards the 26th November lows at 49.44.
We also have the descending wedge patter's support around 49.70/50.00.
The 61.8% Fibo is also a firm support where price has made a double bottom on a daily basis that meets trend line support.
On the flip-side, a break of 53 opens 54.50 and 56 meeting the 20-D EMA.

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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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