WTI Price Analysis: Bulls last dance before much lower?

  • WTI sits below key resistances within a bullish 4-hour territory.
  • The daily chart offers synergy with the weekly and monthly bearish view still.

The price of the black gold has, as expected, recovered to test higher levels, but it has run all the way to test the bear’s commitments close to the $40 level.

From here, the resistance needs to hold or its going to be a choppy sideways market, probably for some time considering the number of uncertainties from a fundamental basis.

Meanwhile, the price of oil has been in analysis for quite some time, with examples of swing trades and days trades as follows:

As can be seen in the above analysis, we have a downside target base don a monthly analysis and there has been some success along the way to it already.

Daily chart

4-hour chart

Credit: FX Street

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