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WTI Technical Evaluation: Bulls meet robust resistance however maintain at crucial assist

  • WTI has failed on the prime aspect resistance and dangers are mounted to the draw back with a goal of the ascending assist line and the confluence of the 38.2% fibo goal of 55.63. A break beneath it opens danger again in the direction of 50.00 ought to the following main assist of 54.50 provides out. 
  • Nonetheless, bears might want to get beneath the horizontal assist that’s made up of prior resistance, (the horizontal prior resistance line going again to mid-Nov 2018) which lately gave means, so dedicated bulls may reap the benefits of this degree as a reduction with prospects, if it holds, to the 60 deal with and past – this assist is available in at 57.60/80 space.  
  • A break of 59.70 after which the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows at 63.74 will reveal prospects for the 70 deal with.
  • Help ranges: 57.68 56.75 56.23
  • Resistance ranges: 59.13 59.85 60.58

WTI each day chart

 

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