WTI Oil is in a short-term uptrend within a rising price channel. The commodity has pulled back and is consolidating – its next move could be critical. A move below the range lows could flip the trend bearish; a rise above the March high bullish. WTI Oil price is trading within an ascending channel whose rising peaks and troughs indicate the commodity is in a short-term uptrend.
A combination of resistance from the 100-week Simple Moving Average and the top of the price channel were probably the catalysts for the rejection. Oil price has since yo-yoed in a range between roughly $80.20 and $82.00. Although the pair retains its short-term uptrend intact it is at risk of reversing lower unless it can print a higher high. A break below the $80.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »