- Analytics
- News and Tools
- Market News
- WTI Price Analysis: Bears take on key support
WTI Price Analysis: Bears take on key support
- WTI bears sinking in their teeth to test key support.
- Bears eye the 50% mean reversion area and prior support structure.
West Texas Intermediate (WTI) was pressured lower on Thursday following three straight days of gains and the following technical analysis illustrates an indecisive market on the backside of the bearish trend.
WTI daily charts
The price is on the backside of the prior dominant bear trend but remains on the front side of the micro breakout trend. Therefore, the bias is to the upside e for the time being.
It would be reasonable to expect a correction into the Fibonacci scale and the 38.2% Fibo meets trendline support. If this were to give, however, a deeper move into a 50% mean reversion could be on the cards.
© 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
