WTI Price Analysis: Bears seek a break of $79.00 to open the flood gates Oil WTI Commodities Technical Analysis
WTI bears will be nervous to hold on to positions ahead of US CPI if bulls move in between now and then.
However, we have length still in the market that is vulnerable to another sell-off as the bears chip away at the trendline as illustrated below. For the opening sessions, Asia and London, there are prospects of a move into the shorts from up high and that could result in a thesis for a bearish head and shoulders pattern:At this juncture, traders will be watchful of jumping the gun and breaks of structure near $79.00 could be met with demand again from the bulls.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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