WTI rebounded from the 64.50 support level early in the week, retracing from the significant downtrend. However, the upward moment found the resistance along the 72 price level which coincides with the 61.8% fib retracement level from the longer term move lower.
With the news of weaker demand, due to the "yet to be revived" Chinese economy, WTI is likely to continued to be pressured to the downside.
Look for the price to break 68 to signal a continuation of the downtrend, toward the support level of 64.50.
Alternatively, if the price breaks above 72.00, WTI could continue the correction to the upside to retest the resistance level of 77.00.
With the news of weaker demand, due to the "yet to be revived" Chinese economy, WTI is likely to continued to be pressured to the downside.
Look for the price to break 68 to signal a continuation of the downtrend, toward the support level of 64.50.
Alternatively, if the price breaks above 72.00, WTI could continue the correction to the upside to retest the resistance level of 77.00.
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