18 Mar 2019
WTI Technical Analysis: Bullish above double-top high / 57.93 horizontal prior resistance
- On the approach to the 50% Fibo located in the 59.70s, the price holds above the double-top highs and above the 57.93 horizontal prior resistance line going back to mid-Nov 2018.
- However, a break of 59.70 is needed where bulls will then look beyond to the 61.8% Fibo of the Oct 2018 sell-off to late Dec lows at 63.74, reviving prospects for the 70 handle.
- On the downside, a fall to 54.50 will open a case for 50.50 as the 23.6% Fibo support structure.
- Pivots to the downside are 58.40 57.97 57.67.
- Pivots on the upside are 59.13 60.00 61.95.
