Exploring WTI Coin’s Market Performance: In-Depth Technical Analysis Report, May 2024

  • WTI crude oil is expected to fall further toward the next support level 76.75 due to strong bearish pressure.
  • The price broke the support zone lying at the intersection of the key support level 80.40, support trendline of the daily up channel from January and the 38.2% Fibonacci correction of the previous upward impulse from December.
  • The breakout of this support accelerated the c-wave of the active minor ABC correction 4 from the start of April.

WTI crude oil is under strong bearish pressure, with expectations of a further fall towards the next support level of 76.75. This follows a breakout of the support zone at the intersection of key support level 80.40.

Bearish Pressure on WTI Crude Oil

WTI crude oil is currently under significant bearish pressure. This comes after the price broke the support zone lying at the intersection of the key support level 80.40, which is the low of wave iv from March. This can be seen from the daily WTI chart. The support zone also includes the support trendline of the daily up channel from January and the 38.2% Fibonacci correction of the previous upward impulse from December.

Breakout of Support Accelerates C-Wave

The breakout of this support zone has accelerated the c-wave of the active minor ABC correction 4 from the start of April. Given the global risk-on sentiment affecting the energy markets, WTI crude oil can be expected to fall further toward the next support level 76.75. This is the former monthly low from March and the target price for the completion of the active wave c.

Conclusion

In conclusion, WTI crude oil is under strong bearish pressure and is expected to fall further towards the next support level of 76.75. This is due to a breakout of the support zone at the intersection of key support level 80.40. The breakout has also accelerated the c-wave of the active minor ABC correction 4 from the start of April. Given the global risk-on sentiment affecting the energy markets, investors should keep a close eye on these developments.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Fear and Greed Index Surges to 71, Signaling Rising Market Greed on June 10th

According to Alternative data reported by COINOTAG News on...

Whale Liquidates 5002 ETH Bought at $2580, Nets $231K Profit in Early June

On-chain analytics from Ai Auntie (@ai_9684xtpa) reveal that a...

UK Insolvency Service Appoints Crypto Expert to Track Bitcoin and Recover Funds in Bankruptcy Cases

On June 10th, the UK Insolvency Service announced the...

Bitcoin Core 30 Update to Boost OP_RETURN Data Limit from 80 Bytes to Nearly 4MB

COINOTAG News reports that the Bitcoin Core development team...

Bitcoin EMA Gap Widens Signaling Strong Bullish Momentum and Key $100,000 Support Level

Bitcoin's technical indicators are signaling a robust bullish trend,...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img