WTI Price Analysis: Bulls press against daily trendline resistance, bears are lurking Oil WTI Commodities
Technically, the M-formation on the hopurtlyis a reversion pattern that would be expected to draw in the price into the Fibonacci scale drawn on the prior bearish impulse's range. The 38.2% Fibo aligns with a structure near 79.15 that could act as a resistance on a restest.
On the other hand, a break of structure opens risk to a run towards 93.25 / 95.33 and higher in a correction of the 2022 summer commencing bearish cycle: If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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