WTI Crude oil has stabilized in January and climbed from the lows around 44 to highs around 54 in February. It has since been consolidating between 54 and 48. Let’s take a look at the charts as price action is threatening this consolidation range support.
Last week, WTI Crude failed to make it back to 54 and stalled at 52 before retreating. Now it is falling to 48 again and because of this failed bullish attempt, traders might be cautious about buying around 48 again. If price falls below 48, the 44 low will be in sight.
However, if price can bounce off 48 and push above 51, it would kill the bearish bias and WTI Crude would likely remain in consolidation, or even a bottom building process.
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