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.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s