Technical Talk:WTI/USD 16/01/2019

WTI/USD: Crude WTI consolidates at 55.35 and 55.70
Our preference: downside prevails 52.06 with targets at 51.34 & 50.55 in extension.Alternative scenario: above 52.06 look for further up with 52.54 & 53.01 as targets.

Comment:
WTI/USD: Crude WTI sold off in yesterdays session after breaching 58.95 and 58.55 support as highlighted in yesterday’s update.
Crude prices slipped below 58.95 and fell all the way to 54.85 support.

Our forecast

WTI/USD: Crude WTI prices have been consolidating in a tight range in today’s session between 55.35 and 55.70.
The pair needs to break above 55.70 to continue to 56.40. Crude prices could fall further to 54.85 if it fails at 55.70.

Support/Short – 55.35, 54.85, 53.85

Resistance/Target – 55.70, 56.40, and 57.50

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