WTI crude oil rebounded strongly yesterday, as lifted by news of outage of an oil export terminal after the earthquake in Turkey. But upside is capped below 55 day EMA, and far below 82.31 resistance.
For the near term, further decline is expected as long as 82.31 resistance holds. Price actions from 94.25 could be developing into a terminal triangle pattern, as the fifth wave of the whole down trend from 131.82.
If that’s the case, WTI should continue to lose downside momentum in the next decline, as reflected in persistent bullish condition in daily MACD. The end point of the down trend could be somewhere around 61.8% projection of 124.12 to 76.61 from 94.25 at 64.88, and 62.90 long term support.
