- WTI bulls move to test the bear’s commitments at dynamic resistance.
- $72.700 vs. 66.80s in play within the bear’s lair.
Commodity demand is slacking into the close of the month with market expectations of continued hawkish central bank policy that has dented sentiment in the oil market and saw investors maintain a bearish tilt.
However, WTI’s daily chart paints a different picture as the structure on the downside holds yet again. We broke daily resistance at $70 which could be significant on a break of the upper quarter of the $72 handle and daily target:
WTI daily chart
On the other hand:
It’s been a cautious move by the bulls, lacking conviction!
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