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WTI Technical Evaluation: Sellers ought to beware as $55 assist nonetheless stands tall

  • WTI settled round $55.45 earlier than the opening bell rings on Monday.
  • The vitality benchmark dropped beneath two-week previous trend-line on Friday however didn’t slip below one other support-line that joins the lows marked in December 2018 and February 2019, at $55.00 now.
  • Ought to costs chorus from declining beneath $5.00 assist, possibilities of their bounce to $56.10 after which to $56.70 can’t be denied.
  • Nonetheless, latest excessive round $57.60, 61.8% Fibonacci enlargement of February month strikes close to $58.70 and an upward sloping trend-line connecting January – February highs at $58.80 might problem bulls then after.
  • In a case when the quote can’t flip sellers away and drop below $55.00, 23.6% Fibonacci retracement of its December – February improve at $53.90 and $52.80 are seemingly instant helps to look on the chart.
  • Moreover, bears’ management over the momentum after $52.80 won’t chorus from calling 38.2% Fibonacci retracement stage of $51.70 and $51.00 on the chart.

WTI 4-Hour chart