WTIC Crude is in a clear downtrend since the start of Oct 2018. November month alone it lost more than -21%. Currently crude is trading above the psyhogical support zone 50 which is expected to provide better support zone and short term buying is expected to happen in this zone as long as 50 is protected on the downside.
In todays activity crude had broken 4 day low and got back into the range. Looks like some tigher stops held below the psychological reference. Price got a break below 4 day low and got back into the range. This could potentially target nearest resistance levels 52.3 and 54 respectively.
Crude is consolidating between 50-52 zone for the past 4 trading sessions which is relatively good for the steep downtrend to take a pause and get back into counter trend reversal mode. Daily Sentiment holding positive is an addon for positive sentiment. Price spending more time below 4 day low (50.04) is a pattern invalidation.
