17 May 2019
WTI technical analysis: daily stochastics favour the long side to 64.50
- On bullish MACD and stochastics, the price of oil hit a 63 target and some change.
- With the pullback, bulls have stepped in at 62.70 again.
- Daily stochastics still favour the long side and, technically, the price has room to run until 64.50.
- On the downside, however, should the bears take back full control, the 200 DMA guards the 50% Fibo level accumulating at 60.48/59.64 respectively.
- A break of the 50% level opens prospects for the 25th March lows at 58.20 ahead of the late Feb/early March highs guarding a break to the early Feb highs at 55.80.
