WTI Trapped in a Triangle
WTI Trapped in a Triangle
Crude is testing a T/L support that has been holding since September. Between this and the L/T channel’s T/L resistance WTI is trapped in a symmetrical triangle. The medium term trend is clearly lower (because of the channel). A break below $67.50 opens more D/S with $65.65 being the first target. Until that happens respect the possibility of another rebound from the trendline. Resistance is now at $73.20.
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