Crude Oil's Breakdown is Finally Here
The price of WTI is finally breaking down below the lower boundary of the Triangle, which is the beginning of a new potential markdown we have been waiting for (see our related idea below).
The first major target level is the 60.00 psychologically significant support. A potential throwback could emerge from there to 62.50 (as underpinned by the 50-day MA in green).
The 38.2 per cent Fibonacci retracement level at 54.78 encapsulates the next, deeper target level.
The first major target level is the 60.00 psychologically significant support. A potential throwback could emerge from there to 62.50 (as underpinned by the 50-day MA in green).
The 38.2 per cent Fibonacci retracement level at 54.78 encapsulates the next, deeper target level.
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