WTI Opposing Reversal Patterns Form Near Key ResistancePage

WTI: Opposing Reversal Patterns Form Near Key Resistance

WTI has formed a bearish reversal pattern on the daily chart, yet still shows potential for a bullish reversal on the intraday chart, if key resistance is broken. 

  • The daily chart remains in a clear downtrend, although prices have retraced after coming close to testing $50.
  • The retracement has stalled at a resistance cluster which comprises of the 10-day eMA, March and stopped just shy of a 50% retracement level.
  • A dark cloud cover reversal has formed at this resistance zone to show a hesitancy to break higher. A break of $52.62 confirms the reversal on the daily chart.
  • If prices fail to break lower and momentum takes it higher, it could form the right shoulder of a head and shoulders reversal pattern which, if successful, projects a target around $59.60.

Related tags: Crude Oil Oil Video

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Web Trader platform

Our sophisticated web-based platform is packed with features.
Economic Calendar