- Analytics
- News and Tools
- Market News
- WTI Price Analysis: Bears eye a break of $75.70 for the sessions ahead
WTI Price Analysis: Bears eye a break of $75.70 for the sessions ahead
- WTI bears are moving in again after a breach of resistance.
- $75.70 structure is important on the hourly chart.
As per the prior analysis, WTI Price Analysis: Bulls attempt to take on the daily trendline resistance, West Texas Intermediate WTI crude oil that climbed into resistance earlier this week on the back of restrictions on the flow between Canadian and the United States, the bears have moved in at critical resistance:
WTI prior analysis
Bulls met key resistance and continue to struggle towards the closing sessions for the week. On the lower time frames, it was explained that a break of resistance opened the risk of a move into test $77.50 for the days ahead. The price has met $77.74 but has since been rejected as follows:
WTI update, H1 chart
The price is in a bearish cycle, so the focus is on the downside but despite breaking the micro trendline, the structure at $75.70 is important and will need to be cleared to confirm the meanwhile downside bias. A break of $77.74, on the other hand, could be followed by bullish commitments and flip the switch in a short squeeze putting heart onto the shorts accumulated in December's downtrend.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
