WTI technical analysis: The 50 and 200-daily moving averages offer fragile support

• Bears can target 55.50 for a 61.8% retracement. 
• Conversely, a clearing of the 59 handle will open prospects for the April highs at 66.58.

Bears are back in control, testing a key level of support with bulls having lost their footing to around August resistance just below the 57 handle and have completed a 50% man reversion of the recent daily swing lows.

Overnight, both the 50 and 200-daily moving averages were pierced, but the bullish pin bar is offering a supportive outlook, albeit with the price on thin ice. However, on the upside, a clearing of the 59 handle will open prospects for the April highs at 66.58 on the wide. Further down, bears can target 55.50 for a 61.8% retracement. 

WTI daily chart