WTI - Fill the gap
WTI (1H) - intraday bearish bias
The oil price is likely to stay in retreat as it is filling the gap left by the Sunday gap. Buyers are likely to be lurking around the psychological level of 58, which coincides with the 61.8% Fibonacci retracement level. Though the 20-hour moving average has proved to be a solid resistance level and we can expect the price to stay under pressure in the short-term.
The oil price is likely to stay in retreat as it is filling the gap left by the Sunday gap. Buyers are likely to be lurking around the psychological level of 58, which coincides with the 61.8% Fibonacci retracement level. Though the 20-hour moving average has proved to be a solid resistance level and we can expect the price to stay under pressure in the short-term.
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