WTI Technical Analysis: Bears on top, ducking blow Golden Cross, targets 57.80s
5/6/2019 12:36:12 AM
header-image

Daily WTI and Golden Cross Daily downside target to 57.80s WTI Weekly chart

  • WTI dropped at the start of the week following a risk-off start, (Breaking: Trump’s threat to lift tariffs on Chinese imports sends risk assets into reverse, Yen is 0.34% higher vs dollar).
  • The price has priced the 50 DMA crossing above the 200 DMA, Golden Cross, which might have been expected to be a strong level of support, jeopardising the prospects for a sustained bearish wedge continuation pattern breakout.
  • Should the price continue to deteriorate below the Golden Cross, the price could drop by at least the height of the wedge (measured at the base where the two trendlines start) which is around $10.80 for a target of $52.00 (at weekly 200 MA/ 50 pips above Feb lows).
  • However, the first target comes in at 57.89 although stochastics are no clearer either for determining where the price is heading;  The monthly indicator leans bullish, weekly bearish and daily also leans bullish.
  • The monthly stick alignment does offer a bearish scenario, with bearish shadow followed by a full bearish candle closing at the lows.
  • WTI dropped at the start of the week following a risk-off start, (Breaking: Trump’s threat to lift tariffs on Chinese imports sends risk assets into reverse, Yen is 0.34% higher vs dollar).
  • WTI dropped at the start of the week following a risk-off start, (Breaking: Trump’s threat to lift tariffs on Chinese imports sends risk assets into reverse, Yen is 0.34% higher vs dollar).Breaking: Trump’s threat to lift tariffs on Chinese imports sends risk assets into reverse, Yen is 0.34% higher vs dollar
  • The price has priced the 50 DMA crossing above the 200 DMA, Golden Cross, which might have been expected to be a strong level of support, jeopardising the prospects for a sustained bearish wedge continuation pattern breakout.
  • The price has priced the 50 DMA crossing above the 200 DMA, Golden Cross, which might have been expected to be a strong level of support, jeopardising the prospects for a sustained bearish wedge continuation pattern breakout.
  • Should the price continue to deteriorate below the Golden Cross, the price could drop by at least the height of the wedge (measured at the base where the two trendlines start) which is around $10.80 for a target of $52.00 (at weekly 200 MA/ 50 pips above Feb lows).
  • Should the price continue to deteriorate below the Golden Cross, the price could drop by at least the height of the wedge (measured at the base where the two trendlines start) which is around $10.80 for a target of $52.00 (at weekly 200 MA/ 50 pips above Feb lows).
  • However, the first target comes in at 57.89 although stochastics are no clearer either for determining where the price is heading;  The monthly indicator leans bullish, weekly bearish and daily also leans bullish.
  • However, the first target comes in at 57.89 although stochastics are no clearer either for determining where the price is heading;  The monthly indicator leans bullish, weekly bearish and daily also leans bullish.
  • The monthly stick alignment does offer a bearish scenario, with bearish shadow followed by a full bearish candle closing at the lows.
  • The monthly stick alignment does offer a bearish scenario, with bearish shadow followed by a full bearish candle closing at the lows.

    Daily WTI and Golden Cross

    Daily WTI and Golden Cross

    Daily downside target to 57.80s

    Daily downside target to 57.80s

    WTI Weekly chart

    WTI Weekly chartchart