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28 May 2019
WTI technical analysis: Bulls target channel resistance at 62
- WTI has stalled at that 61.8% Fibo level around 57.30 following a collapse below the 50/200 DMA cross-over coinciding with the 23.6% Fibo, late Dec-late April range, and ascending channel support.
- However, on a continuation of the downside, 54.50 and the 50% retracement of 2019 range come in next ahead of the 200-W MA down at 52.40 and then the 38.2% Fibo and Feb lows at 52.50/51.40 respectively.
- Bulls, on the other hand, look to channel resistance .
- The 17th May low of 62.51 and 26th April's lows at 62.26 will be a focus.
