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Technical Update - How deep can the sell-off in WTI and Brent crude oil go?
WTI Crude oil sell-off/correction seems to continuing. A minor pause at the 0.382 retracement of the entire uptrend and 0.618 retracement of the latest leg up around 84.30 only for selling pressure to continue. Below rising trendline WTI could drop further to the 0.786 retracement of the last leg at around 81.35, possibly even down to strong support at around 77.60 which is also 0.618 retracement of the entire uptrend since June Around that level the rising 100 and 200 Moving Averages will provide support If WTI is finding bidders to move back above 88.20 uptrend is to resume The medium-term bullish trend is intact ... (full story)