oil reaction to $77.77 is likely to determine the direction of the WTI Crude Oil market on Thursday.
Bullish Scenario
A sustained move over $77.77 will indicate the presence of buyers. If this creates enough upside momentum then look for a test of the 50% level at $79.76.
Overcoming $79.76 will likely lead to a test of the main top at $80.78. Taking out this level will change the main trend to up with the Fibonacci level at $81.85 the next major upside target.
Bearish Scenario
A sustained move under $77.77 will signal the presence of sellers. This could trigger a break into the support cluster at $76.76. This is a potential trigger point for an acceleration to the downside with $72.64 the next major target.
Bullish Scenario
A sustained move over $77.77 will indicate the presence of buyers. If this creates enough upside momentum then look for a test of the 50% level at $79.76.
Overcoming $79.76 will likely lead to a test of the main top at $80.78. Taking out this level will change the main trend to up with the Fibonacci level at $81.85 the next major upside target.
Bearish Scenario
A sustained move under $77.77 will signal the presence of sellers. This could trigger a break into the support cluster at $76.76. This is a potential trigger point for an acceleration to the downside with $72.64 the next major target.