WTI Oil - Bulls need closing above $50.18
A minor rising trend line (red) stands breached. Moreover, an attempt to take out the same appears to have failed. Prices clocked a high of $49.86 before trimming gains to trade around $49.37.
On a larger scheme of things, bulls appear in control as long as the larger rising trend line (black) stays intact. However, for existing bulls to bulk up their positions and for fresh longs to enter market, prices need to see a day end closing above $50.18 levels.
Bearish move is seen gathering pace once black trend line support becomes a resistance. Such a move would add credence to the possibility of prices falling to Leg D of Cypher pattern.
On a larger scheme of things, bulls appear in control as long as the larger rising trend line (black) stays intact. However, for existing bulls to bulk up their positions and for fresh longs to enter market, prices need to see a day end closing above $50.18 levels.
Bearish move is seen gathering pace once black trend line support becomes a resistance. Such a move would add credence to the possibility of prices falling to Leg D of Cypher pattern.