WTI Crude: Love for downside still in place – Westpac

By FXStreet FXStreet (Delhi) – David Coloretti, Research Analyst at Westpac, note that the WTI Crude (1st Future) rejected the top of its 2 month range at 50+ in October, completing a bearish ST price pattern, while holding range highs in ST momentum (RSI).

Key Quotes

This upswing came after the multi-week hold of the 61.8% Fibonacci retracement at 43.88 and importantly the hold of multi week range lows in ST momentum (RSI).

“We note that while range lows in price have not been threatened, ST momentum (RSI) has broken the September / October range lows.”

“This implies that range lows in price are at risk. A daily close below 43.88 would now present a significant negative trigger, targeting a retest of multi-year lows below 40.00.”
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Source:: FX Street