WTI Price Analysis: Bears make their moves during the Fed, break support structure Oil WTI Commodities DollarIndex Fed
WTI bulls will target $69.00 and bears have eyes on $67.50/00 overall. Intermediate, WTI, crude oil dropped on Wednesday, breaking key support structure on the downside as a pause in US interest rate hikes accompanied a bearish forecast for more hikes on the way. This has rocked risk sentiment and weighed on the commodity sector.
In that sense, the current four-hour candle that still has two hours until the close could fill in the wick before $69.00 is retested. There may even be lower lows to follow before any significant correction on the 4-hour chart unfolds. On the hourly chart, the price is headed into resistance as per the dynamic trendline resistance.
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