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8 Apr 2019
WTI Technical Analysis: Bulls looking to test the 61.8% Fibo up in the 63.70s
- WTi is now on the 63 handle and eyes a test of the 61.8% Fibo up in the 63.70s with the confluence of the Jan 2018 support.
- Bullish momentum will open the 70 handle, a touch above the 78.6% Fibo - an area of resistance that has not been tested since Oct 2018.
- Stochastics and RSI are troublesome at this juncture and the bears could well be inclined to push back from here for a test of the 200-DMA where the cloud support could come under pressure meeting the rising wedge's support line.
- A break of the support line and below $57.80 opens the case for a continuation of the bear trend that would target below the $42 handle and late Dec lows.
