Technical Analysis WTI January 9th 2018
After an upside rally since June 2017, the WTI found a "two year" resistance (May-June 2015) at 62.50. If the price breaks above this resistance zone, it is a good opportunity to "buy and hold" expecting to find the next resistance level at 67.
Otherwise we can sell short, expecting the quote make a retracement at the fibonacci level 0.236 at 57.70 (previous: resistance-support zone) as a first bearish target, at this level my recommendation is to wait for confirmation to buy (keeping the bull trend), if the price breaks below this point, our next target is the fibonacci level 0.382 at 55 (previous: resistance-support zone).
Otherwise we can sell short, expecting the quote make a retracement at the fibonacci level 0.236 at 57.70 (previous: resistance-support zone) as a first bearish target, at this level my recommendation is to wait for confirmation to buy (keeping the bull trend), if the price breaks below this point, our next target is the fibonacci level 0.382 at 55 (previous: resistance-support zone).
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