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4 Apr 2019
WTI Technical Analysis: 200 DMA to provide support?
- Daily stochastics remain overbought while the 4HR RSI and MACD have flipped to the downside.
- The price was unable to get over the line, being the 63 handle.
- The 61.8% Fibo comes as a key target in the 63.70s, meeting Jan 2018 support.
- On the downside, is the 200-DMA doesn;t support, we are looking at $57.80 as a key level on a sustained correction.
- A break there would opens the case for a continuation of the bear trend that would target below the $42 handle and late Dec lows.
- However, if the area between 61.90 holds, 2018 April's solid lows and the 200-D SMA, bulls can look to retarget the 61.8% Fibo.
