Chart Of The Day: Failure to cross 3-week old resistance-line highlights 61.8% FIbo. for WTI sellers
Not only 50% Fibonacci retracement but a downward slanting trend-line since May 21 also triggered WTI's present declines that target 61.8% Fibonacci retracement level near $51.40. However, a horizontal region comprising lows since mid-January around $50.50-40 can limit the black gold's further downside, if not then $48.00 could quickly appear on the bears' radar to target.
On the contrary, break of $53.65 resistance-line can trigger fresh leg up towards 50% Fibonacci retracement level of $54.35 and then to $55.60. During the energy benchmark's further upside past-$55.60, 38.2% Fibonacci retracement level of $57.20 and 100-day SMA near $58.50 can please the bulls.