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WTI oil - coorection still holds below $30

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    WTI Oil (Mar) WTI oil bounced strongly on Friday, after hitting fresh low at 26.04 on Thursday. Friday’s strong bullish close that followed Thursday’s long-tailed Doji candle, could be seen as initial reversal signal. The price is currently riding on the fourth, corrective wave, off 26.04 low, which part of five-wave downmove from 34.38 (29 Jan lower top). The wave should be ideally capped at 30.30, where also 20SMA lies, however, extended rally to 30.70, Fibonacci 61.8% of 33.58/26.04

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