WTI Oil is in recovery mode on Monday after sharp two-day fall on Thu/Fri was triggered on strong upside rejection at 47.72 (false break above key $47.30 barrier.
Pullback found ground at $45.39, just above strong supports at $45.24/19 (4-hr cloud base / Fibo 61.8% of $43.63/$47.72 upleg), with subsequent rally pressuring first pivot at $46.28 (Fibo 38.2% of $47.72/$45.39 downleg / daily Tenkan-sen).
Technical studies are in mixed mode on daily chart, but bias remains shifted lower as descending and widening daily cloud continues to weigh.
Extended rallies should be capped by cloud base ($47.08), ahead of fresh downside which may extend to $44.88 (daily Kijun-sen) on violation of $45.24/19 supports.
Res: 46.28, 46.55, 46.83, 47.08
Sup: 45.95, 45.53, 45.19, 44.88
