Oil ( WTI ) Bulls are slowing down.
The bull run in WTI is definitely losing momentum.
It is evident from the fact that negative divergence is coming in play between the price structure and MACD, after the 5 legs impulsive movement.
Now the price is stuck between the key support at 34.86 and the critical resistance zone from 39.60 to 42.00 above.
I have marked the two possible scenarios:
1. The bulls giving up immediately from the current levels ( marked in yellow )
2. It may get one more push higher to the critical zone and then start the correction towards 33.60/30.30/28.40 & 24 based on the Fibo levels.
It is evident from the fact that negative divergence is coming in play between the price structure and MACD, after the 5 legs impulsive movement.
Now the price is stuck between the key support at 34.86 and the critical resistance zone from 39.60 to 42.00 above.
I have marked the two possible scenarios:
1. The bulls giving up immediately from the current levels ( marked in yellow )
2. It may get one more push higher to the critical zone and then start the correction towards 33.60/30.30/28.40 & 24 based on the Fibo levels.