• Vasily Trader

CRUDE OIL (WTI) Technical Outlook & Key Levels to Watch

As I predicted earlier, a strong short rally started from 77.0 level on WTI.

Being a key monthly structure, the market has already lost most than 7% of its value after a test.

Now the question arises, where is the goal for sellers?

Drawing the fib retracement based on the last bullish impulse,

you can see how perfectly the price respected a 382 level.

I guess with its second test, the price may go lower.

Being broken, the next support to watch will be 66.3 - 68.0 daily demand area.

It is a confluence zone between a historical structure and 618 retracement .