- Analytics
- News and Tools
- Market News
- WTI Price Analysis: Bears in control, on verge to close the gap
WTI Price Analysis: Bears in control, on verge to close the gap
- WTI is on the way to closing the gap.
- WTI is sliding into a prior 4-hour resistance area.
The price of oil is under pressure on Thursday, extending the losses from mid-week trade, and on the verge of closing the gap as the following will illustrate.
As per the prior analysis, WTI bears move in and eye a close of the gap at $75.65, the price of oil is closing the gap:
WTI prior analysis
´´The bears are in and eye a 38.2%fibonacci correction towards a close of the gap at $75.65bbls.´´
WTI update
We are seeing a deterioration in price.
WTI H4 chart
On the 4-hour chart, we can see the nearest potential support structure for while the price is currently moving into. This could produce a bout of profit-taking and a move up into the sell-off:
The prior support comes in at the 61.8% ratio near $78.70.
WTI H1 chart
On the hourly chart, there could be a lower resistance as per the trendline resistance and the Fibonacci scale3 confluences.
© 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
