Commodities Analysis and Opinion
Brief analytical review WTI crude
2022.12.13 09:40
Brief analytical review WTI crude
Budrigannews.com – Crude Is Stalling at the Confluence of Supports WTI completed a double top target last week and closed at a crucial confluence of support levels of less than $77. These are the double top target (highs in October and November), the 50% Fib of the entire move from $11 to $131 (using the continuous as a reference), and the 88.6% Fib of the last bullish leg (December 2021-March 2022).
What occurs from here is significant. Although a back-test of $77.50 is the level to watch, an initial rebound is extremely likely. We must adhere to the current trend until a break above that level indicates the development of a bottom.
