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.