WTI Technical Analysis: Bulls meet trendline resistance, but rising wedge resistance could cap extensions ahead of 61.8% Fibo

  • As an update to the following, WTI Technical Analysis: Bulls creeping towards criticalbreak up level, eye 61.8% Fibo through 63 handle, a spanner in the works for the bulls has been identified. 
  • While bulls are on track for a potential run higher, subsequent to a break of the descending trend line resistance at current levels, bulls will need to break out of the rising wedge formation’s resistance just below the 62 handle at 61.86.
  • However, the Ichimoku Cloud will likely remain bullish, so long as the price subsequently holds above the 59 handle on a rejection at wedge resistance on firstattempt, leaving the outlook positive for an eventual run to 61.8% fibo target.

WTI DAILY CHAT



Author: Bigwig Fx
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