WTI bears stepping in at a key level of resistance.
Bears will eye the daily support in the $62.40s.
As per the prior analysis, WTI darts to fresh highs, eyes $64 area despite OPEC+ output plans, the oil market’s price action was quite a sceptical overnight.
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”As per the prior W-formation on the daily chart above, there is the scope of a downside test of the current W-formation’s neckline.
However, there is the probability of an upside extension first as illustrated on the chart of the current resistance gives-out which guards a run to the 64 area and prior highs.”
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the 40hour chart is already showing signs of exhaustion and the 38.2% Fibo is marked as a keen target.
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With that being said, the overall objective is the daily support at 62.41 which is surrounded by 1 & 4-hourly confluence in the 61.8% Fibos.
