Missed the breakout on WTI crude oil’s triangle sample?

Higher maintain tabs on these Fibonacci retracement ranges in case worth makes a retest!

WTI Crude Oil (USOIL) 4-hour Chart by TradingView

Appears like crude oil picked the bearish route on that triangle consolidation sample we had been watching final week!

Is the commodity in for additional losses from right here?

Do not forget that directional biases and volatility situations in market worth are usually pushed by fundamentals. In the event you haven’t but carried out your fundie homework on crude oil and the U.S. greenback, then it’s time to take a look at the financial calendar and keep up to date on every day elementary information!

Value stalled across the $78.60 per barrel mark and gapped greater over the weekend, suggesting that some bullish stress could also be in play. This may very well be sufficient to spur a pullback to the previous triangle help space, which is close to the pivot level stage ($80.02 per barrel) and a serious psychological mark.

This space of curiosity additionally occurs to coincide with the 50% Fibonacci retracement stage, so the confluence might entice crude oil bears and permit the selloff to renew.

A bigger correction might attain the 61.8% Fib close to R1 ($81.46 per barrel) and the 200 SMA whereas a shallow pullback might already hit a ceiling on the 38.2% Fib, so be careful for reversal candlesticks at these areas.

If any of the Fibs maintain as resistance, crude oil might set its sights again on the swing low or all the way in which all the way down to S1 ($77.15 per barrel) because the 100 SMA is beneath the 200 SMA to verify the presence of bearish vibes.

How low do you assume crude oil costs can go from right here?