LeoPrime Daily Market Analysis

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WTI reversed from round resistance level 50.00; WTI reversed from round resistance level 50.000

WTI oil recently reversed down from the resistance area lying between the round resistance level 50.00 (former support from February), upper daily Bollinger Band and the resistance trendline of the narrow up channel from the middle of November. Given the overbought daily Stochastic and the sharp decline in risk appetite after the new strain of covid virus was found in UK – WTI oil is expected to fall further toward the next support level 46.00 (former resistance from November)

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