WTI crude oil last week arrived in the vicinity of the zone of resistance between the levels of 52.00 and the 70.7% Fibonacci correction of the earlier declines. From the second half of last week we see declines, which formed a bearish pin-bar candle in the last year and a full bearish candle this week.
Given a forming since the beginning of the year formation of a triangle in the near future we can expect that declines will continue at least in the area of the uptrend line which is the lower limit.
Looking at the daily chart, we see that the last two impulses of growth are almost identical. It should be noted, however, that the market is coming slowly around 48.40 local support coinciding almost perfectly with the level of 38.2% Fibonacci correction of the last bearish impulse. Emergence of a strong reaction of demand in this area of support could stop the market from further declines.
