Turning Down
Our Pivot: 116.30
Our Preference: Start short selling WTI below 115.80 with strict stop loss of 116.30 and profit target at 115.00 with extension towards 114.40.
Alternate Scenario: Upward penetration of 116.30 will call for 116.60.
NOTE: WTI is being capped by a major resistant region at 116.70 and below that region its trading inside an ascending wedge it may give a bearish breakout of said wedge therefore selling on strength is recommended .
Chart with supports & resistances:
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