WTI

By Gary Kinsley

Crude Oil

, 4 hours

short

#Technical

#Bearish

Range

Resistance 1 83.0
Quote Price 80.82
Support 1 79.0
Support 2 76.0

On the 4 hour chart, we can see that the price has been ranging between the $83 resistance and the $80.50 support where we have also the 38.2% fibonacci retracement level for confluence. The buyers will likely continue to step in around the support to position for a break above the resistance with a better risk to reward setup. If the price were to break lower though, the buyers should lean on the trendline as they will have an even better risk to reward setup.