Downside Prevails
Our Pivot: 53.20
Our Preference: Short sell below 52.68 with strict stop loss of 53.20 and profit target at 51.80 with extension towards 51.35.
Alternate Scenario: Upward penetration of 53.20 will call for 53.80.
NOTE: WTI is moving in a bearish price channel and after facing rejection from a descending trend line a bearish engulfing pattern have been formatted on four hourly chart.
Chart with supports & resistances:
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