Turning Down
Our Pivot: 49.00
Our Preference: Short sell below 48.50 with strict stop loss of 49.00 and profit target at 48.00 with extension towards 47.50 and 47.00.
Alternate Scenario: Upward penetration of 49.00 will call for 49.40.
NOTE: WTI is moving in a bullish price channel but have given breakout of a strong supportive trend line in bearish direction and moving downward to retest supportive trend line of said channel.
Chart with supports & resistances:
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