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Technical Analysis: WTI confirms short-term "Rising Wedge" despite upbeat catalysts

Although US-China trade optimism and welcome data from China keeping the market's risk tone positive, WTI confirms the bearish chart pattern on Thursday. As a result, prices can re-test $60.00 mark ahead of targeting 50% and 61.8% Fibonacci retracement levels of $58.60 and $57.70 during further downside. In a case where the energy benchmark keeps declining below $57.70, December-start top near $56.60 will be on the Bears' radar.

Meanwhile, $62.00 holds the near-term upside of WTI captive, a break of which can recall September month top near $63.30. It's worth mentioning that 2019 high around $66.50 will be the key to watch if the black gold stays strong beyond $63.30.

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