Technical Analysis: WTI bears eye $44.00 on the break of a year-long trendline
With the global financial markets bearing the burden of coronavirus fears, commodities are down to multi-month low. WTI oil is not an exception while trading near the 13-month low after a sustained break below a falling trend line since February 2019. That said, the oil benchmark is now dropping towards the lowest levels last seen on December 27, 2018, around $44.00. Should the energy bears keep the reign past-$44.00, the year 2018 low near $42.15 will return to the charts.
On the upside, buyers will refrain from entry unless the quote crosses the support-turned-resistance, at $49.20 now. In doing so, it will aim for a 61.8% Fibonacci retracement level of $51.50. However, the bears are less likely to step back until oil prices stay below the monthly top surrounding $54.40.