Technical Analysis: WTI can refresh 18-year low as bears do not relinquish control
Having failed to stay beyond $20.00, needless to mention about the immediate resistance line, WTI remains vulnerable to refresh the 18-year low. As a result, a three-week-old falling trend line near $18.70, is likely on the bears radar as the immediate support ahead of 61.8% Fibonacci Expansion (FE) level close to $17.90. It's worth mentioning that oversold RSI conditions keep challenging the further weakness.
On the upside, immediate descending trend lines from March 17 and March 11, respectively around $21.60 and $23.20, could question the pullback moves. Though, the oil price recovery beyond $23.20 enables it to aim for the previous week's high surrounding $24.80 ahead of targeting a run-up past-$27.70.