30 May 2019
WTI technical analysis: Below 200-D EMA, testing bull's commitments at trend line support
- The overnight low was a fresh print and below the prior support marked out by the 23rd May drop.
- The price is below the 200 MAs on multiple 1HR, 4HR and daily time frames until that point. some room above the 200 DMA opens the 38.2% Fibo of the same range at 60.58.
- This low also coincides with but broke below, that key 61.8% Fibo around 57.30.
- Daily stochastics are not oversold yet although 4HR divergence by the same measure does offer some potential to the upside.
- Should the 23.6% of the recent swing high and low hold give out at 59.10, then the 60 comes as the next line in the sand.
- To the downside, 4th Feb highs at 55.73 guard the 50% Fibo of the late Dec swing lows to recent 2018 highs at 54.50.
- The 200 W EMA at 52.50 ahead of the 38.20% Fibo at 51.64 confluences with 11th Feb major swing low as a key target at 51.26.
