Chart Of The Day: WTI buyers keep returning around $50.50 – $50.00 area

Thu, 06 Jun 2019 13:41

Even after declining below 61.8% Fibonacci retracement, WTI couldn't slip under $50.50-$50.00 horizontal-support, amid oversold RSI, which in-turn signal brighter chances of the quote's pullback to $53.20. However, $54.30/50 area including 50% Fibonacci retracement and multiple levels since December 2018 could confine the black gold's further advances, if not then $56.20 and a fortnight-long descending trend-line at $56.80 can question buyers.

If at all bears refrain from respecting $50.00, $49.20 and $48.00 could be their next targets during the further decline. Additionally, $46.50 and $44.00 can offer intermediate halts to prices towards $42.15.

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