NYMEX WTI (Front Month Continuous)
Some could see yesterday's action as a possible Bullish Inverted Hammer and I can see their point. However, at this time I'm more inclined to see it as an almost Bearish Gravestone Doji Pattern. In both of the last two day's cases the Short/Medium MA resistance (currently 60.86) is capping the market. The 50% Fib at 57.89 below the market is likewise supporting underneath.
ICE Brent (Front Month Continuous)
A clearer Bearish Gravestone Doji Pattern here than in WTI. We moved back over the Medium MA (currently 63.39) but seemingly could not tolerate the altitude and headed back down. We're apparently caught between the Medium MA resistance and the support of the Middle Tine of the 2016-2017 Schiff Pitchfork (currently 61.96) though with the latest Pattern the Tine's perhaps more likely to be threatened. Underneath we've combined support of Fib and Nov/Dec lows between 61.10-60.98.
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