OIL CRUDE ASCENDING BROADENING WEDGESOil price has formed a ascending broadening wedge the bottom is possible in. This might be a decent swing with a tight stop loss below the trendline.
Wtibullish
WTI BULLISH OUTLOOKWTI increased in value in the start of today's Asia session, following a weakened US dollar and the news that China is easing the COVID lockdowns, which will most likely boost the economy of the second largest energy consumer.
On the technical site, the instrument broke the resistance of the triangle pattern, MACD histogram is above 0 line and RSI indicator is above the neutral 50 line.
If the trend continues, the price might reach levels of 88.5, on the other hand, if trend reverses, the price might test its previous support at 83.8
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