Turning Down
Our Pivot: 78.21
Our Preference: Start short selling WTI below 77.72 with strict stop loss of 78.21 and profit target at 76.95 with extension towards 76.50.
Alternate Scenario: Upward penetration of 78.21 will call for 78.85.
NOTE: WTI have completed 61.8% correction of its last bearish rally and now its being capped by strong horizontal resistant region.
Chart with supports & resistances:
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