11 Jun 2019
WTI technical analysis: Bears capitulated at 23.6% fibo
- Bears were capped at the 23.6%fibo.
- However, the weekly and monthly hammer make for a potential trend reversal.
- Channel resistance 55 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.
