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.

Ross J Burland FXStreet

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.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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