Recession fears are hitting oil prices pretty hard. This is how far I think it may go.
Currently $WTI is making a descending triangle. This pattern is generally bearish because bulls have to hold a level of support while struggling to make higher highs. It's also currently struggling to hold above its 200 day line.
If $WTI breaks lower, below $92.91, it will also effect the Energy sector. Keep an eye on this and the levels I have drawn out.
Of course, it won't go to the measured objective over night as there are levels of support along the way that it'll have to break through.
For now, I'm neutral as this pattern has until mid August to play out to the up side or to the down side.
DYDD
Currently $WTI is making a descending triangle. This pattern is generally bearish because bulls have to hold a level of support while struggling to make higher highs. It's also currently struggling to hold above its 200 day line.
If $WTI breaks lower, below $92.91, it will also effect the Energy sector. Keep an eye on this and the levels I have drawn out.
Of course, it won't go to the measured objective over night as there are levels of support along the way that it'll have to break through.
For now, I'm neutral as this pattern has until mid August to play out to the up side or to the down side.
DYDD