WTI is on the way to closing the gap.
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- WTI is on the way to closing the gap.
- WTI is sliding into a prior 4-hour resistance area.
The price of oil is under pressure on Thursday, extending the losses from mid-week trade, and on the verge of closing the gap as the following will illustrate.
As per the prior analysis, WTI bears move in and eye a close of the gap at $75.65, the price of oil is closing the gap:
´´The bears are in and eye a 38.2%fibonacci correction towards a close of the gap at $75.65bbls.´´
We are seeing a deterioration in price.
On the 4-hour chart, we can see the nearest potential support structure for while the price is currently moving into. This could produce a bout of profit-taking and a move up into the sell-off:
The prior support comes in at the 61.8% ratio near $78.70.
On the hourly chart, there could be a lower resistance as per the trendline resistance and the Fibonacci scale3 confluences.
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