Bulls are waiting in the flanks of the Fibonacci scale – Crypto News – Crypto News
Connect with us
WTI bears move in for fresh lows below critical weekly structure WTI bears move in for fresh lows below critical weekly structure

others

Bulls are waiting in the flanks of the Fibonacci scale – Crypto News

Published

on

Share:

  • The oil price is on the backside of the trend and this leaves the outlook meanwhile bullish.
  • WTI bulls are lurking within the Fibonacci scale.

Crude prices jumped today after Saudi Arabia said it would cut its crude production by -1.0 million bpd starting in July. However, weaker-than-expected global economic news raised concerns about energy demand, and crude prices fell back from their best levels. WTI is trading back to $74.50 and within the day´s range of between $74.92 and $72.07 the low. The following illustrates the technical outlook at this juncture:

wti daily chart

The double bottom is a bullish feature on the longer-term charts with the price coiled within a falling bullish wedge formation.

WTI H1 chart

The price has pulled back into the gap but remains on the backside of the prior bearish trendline. This leaves scope for a move up from within the Fibonacci scale in due course.

Trending