WTI (1H) - short term bearish bias
The US oil's sideways consolidation have come to an end with a breakout on the downside. The lower band of the channel failed to keep the price in check as buyers started to bail out. Fresh sellers are likely to join in and weigh in after a bearish MA cross and a short-lived rebound. We may expect the price to test the previous low of 55.80, its breach could trigger an extended sell-off and dent the bullish sentiment built up since the start of October.
Key support: 55.80
Key resistance: 57.30
The US oil's sideways consolidation have come to an end with a breakout on the downside. The lower band of the channel failed to keep the price in check as buyers started to bail out. Fresh sellers are likely to join in and weigh in after a bearish MA cross and a short-lived rebound. We may expect the price to test the previous low of 55.80, its breach could trigger an extended sell-off and dent the bullish sentiment built up since the start of October.
Key support: 55.80
Key resistance: 57.30
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.