WTI Price Analysis: Bears In Control, On Verge To Close The Gap

The price of oil is under pressure on Thursday, extending the losses from mid-week trade, and on the verge of closing the gap as the following will illustrate.

As per the prior analysis, WTI bears move in and eye a close of the gap at $75.65, the price of oil is closing the gap:


WTI prior analysis

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´´The bears are in and eye a 38.2%fibonacci correction towards a close of the gap at $75.65bbls.´´


WTI Update

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We are seeing a deterioration in price.


WTI H4 chart

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On the 4-hour chart, we can see the nearest potential support structure for while the price is currently moving into. This could produce a bout of profit-taking and a move up into the sell-off:

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The prior support comes in at the 61.8% ratio near $78.70.


WTI H1 chart

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On the hourly chart, there could be a lower resistance as per the trendline resistance and the Fibonacci scale3 confluences. 


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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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