Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank
WTI crude oil is being rejected at the upper falling trendline and the 0.786 Fibonacci retracement at 78.88. RSI is still showing negative sentiment, indicating WTI is likely to slide back.
If WTI is forming a bearish day today, a top and reversal pattern is also in place.
Support at 76.60 and strong support at around 75.21. A break below 75, WTI is likely to test strong support at around 72.41.
If WTI breaks above 79.31, the key resistance at around 80.62 is likely to be tested. However, for WTI to establish a bullish trend, a daily close above 80.62 is required. If that scenario plays out, there is upside potential to around 83.83