WTI Technical Analysis: Rising wedge potential scenarios

WTI's technical outlook remains bullish while the price keeps above the double-top highs and above the 57.93 horizontal prior resistance line going back to mid-Nov 2018.
However, the daily stochastics leans bearish for a pullback within the rising wedges structure to target 59 the figure.
In recent sessions, the price has moved beyond 58.20 and the trendline support prior resistance of 59.
If 59 holds, Bulls will look to the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows around the 63.60/70 area again, reviving prospects for the 70 handle on a break above 64.20.
A drop to 57.92 and below the wedge will open the case for a clean breakout to target 54.50 initially and 50.40/50 area as being the 23.6% Fibo support structure.

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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