Downside Prevails
Our Pivot: 47.85
Our Preference: Short sell below 47.30 with strict stop loss of 47.85 and profit target at 46.60 with extension towards 46.30 and 45.80.
Alternate Scenario: Upward penetration of 47.85 will call for 48.30.
NOTE: WTI is being capped by a strong horizontal resistant region and momentum indicators are in bearish mode.
Chart with supports & resistances:
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