WTI Getting Closer to Trend Defining Resistance

WTI Getting Closer to Trend Defining Resistance
Crude rebounded strongly following Iran’s involvement in the middle East conflict and it is now getting closer to a key confluence of resistances at the $79 area. The 61.8% Fib of the move lower from April to September and most importantly the L/T descending channel’s T/L resistance can be found there. A break above that area will be trend defining development opening the upside but you need to keep in mind that until that happens the medium term trend remains lower.

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