Crude Oil WTI Medium term
Updated
Crude Oil is approaching the highest level in 2.5 years, which is also a rather significant resistance level - 60 USD. The Crude Oil price is in a confident uptrend, which might be stopped by a long term trendline together with the resistance level 60 USD. The plan is to wait for the price to reach this resistance level and check its strength. If the price fails to pass through the resistance level 60 USD my forecast includes a correction till 54 USD.
Trade active
For now it seems that the 59 USD level has managed to stop the growing Crude Oil price. But will the downward pressure be strong enough to end the upward movement? Looking at the daily timeframe, it seems that the price is not even willing to reach the lower border of the channel..
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.