Turning Down
Our Pivot: 79.07
Our Preference: Start short selling WTI below 78.40 with strict stop loss of 79.07 and profit target at 77.50 with extension towards 77.00.
Alternate Scenario: Upward penetration of 79.07 will call for 79.80 and 80.50.
NOTE: WTI is being capped by a horizontal resistance and hourly momentum indicators have changed their direction towards bearish side.
Chart with supports & resistances:
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