Oil is testing support
The recovery of WTI last week met resistance in the 54.60 area. The price formed a gap down on the mounting fears about the coronavirus.
WTI met resistance
Information is not investment advice
WTI oil formed a “shooting star” candlestick on W1 around 61.8% Fibonacci resistance of the October-December decline. On D1, a bearish candlestick with a bigger upper wick was formed on Friday. These things may signal correction to the downside as long as the price is below the weekly pivot at 63.87. The potential targets are at 62.30 (50-week MA) and 61.10 (200-day MA).
Elizabeth Belugina
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