WTI stuck at Mar 2015 low

WTI oil futures are struggling to cut through Mar 2015 low of $42.06.

Daily chart

wti oil.png

  • Bearish pinbar candle of March 18 at $42.06, followed by failure to take out the same ysday and today indicates prices could fall to rising trend line level of $38.80-38.70 lvls.
  • I also see the recovery from Jan lows has completed a 5-wave structure and should now resume corrective a-b-c structure.

Selling interest can spike below $42.06 and bullish extension is seen only if the level is breached on daily closing basis.



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