WTI Oil Approaching AB=CD Resistance
Actualizado
As evident from the daily timeframe of WTI oil, the unit has been trending lower since topping at $94.99 in late September 2023, shaped by a series of lower lows and lower highs.
What’s technically interesting right now is the possibility of an AB=CD pattern taking form at $77.80 (denoted by a 100% projection ratio) if price engulfs the $76.14 peak established in late December 2023. Adding to this pattern’s credibility are the surrounding ratios (some Fibonacci, some not) between $78.75 and $78.25.
Ultimately, should further upside materialise, resistance may take form between $78.75 and $77.80, from which the chart may welcome sellers in line with the current downtrend.
What’s technically interesting right now is the possibility of an AB=CD pattern taking form at $77.80 (denoted by a 100% projection ratio) if price engulfs the $76.14 peak established in late December 2023. Adding to this pattern’s credibility are the surrounding ratios (some Fibonacci, some not) between $78.75 and $78.25.
Ultimately, should further upside materialise, resistance may take form between $78.75 and $77.80, from which the chart may welcome sellers in line with the current downtrend.
Nota
Harmonic resistance served sellers well!For those who traded the zone and set downside support targets according to the 38.2% and 61.8% Fibonacci retracement ratios derived from legs A-D, the final profit target was achieved recently.
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