Outlook on WTI Crude Oil: Bearish play seen
On the weekly time frame, prices are holding below a key area at 127.80 where we could see further downside below this area. On the H4 time frame, we are seeing a shift in order flow with the break of the recent low at 112.50. A pullback to the resistance area at 114.80, in line with the 61.8% Fibonacci retracement and 100% Fibonacci extension presents an opportunity to play the drop to our next support target at 103.80. This demand area lines up with the ascending trend line, 78.6% Fibonacci retracement and 1.272% Fibonacci extension. Ichimoku cloud is showing signs of bearish pressure as well, with prices holding below the Ichimoku cloud.
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