What happens at $46.10 for WTI Crude will be pivotal, says CitiFX Technicals
"A hold of that level followed by a turn back up and breach of the highs from the initial bounce ($54.24) would be seen as bullish and make the setup / price action look like the turn off the lows seen in late 1998-early 1999," Citi projects.
"A failure to hold $46.10, however, would strongly suggest that the whole pattern over the past few years, and particularly the past several months, much more closely resembles the price action seen into and including the 1986 collapse in the Oil price. If seen, it would imply levels close to $34-37 ahead," Citi adds.
