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21 Mar 2019
WTI: Bulls testing the 60 handle and key resistance
- While the price holds above the double-top highs and above the 57.93 horizontal prior resistance line going back to mid-Nov 2018, the market remains bullish.
- At this juncture, the price is supported at trendline support prior resistance of 59.
- The Ichimoku cloud is also offering bullish signals.
- Bulls look 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 flipside, on the wide, a fall to 54.50 will open a case for 50.50 as the 23.6% Fibo support structure.
