Will we see a bounce or a break for WTI crude oil?

The commodity is testing its triangle resistance as soon as extra!

As you possibly can see from the 4-hour chart under, worth made decrease highs and located assist round $67 per barrel, making a descending triangle sample.

WTI Crude Oil (USOIL) 4-hour Chart by TV

Crude oil is at present hanging out on the prime of the chart formation, nonetheless deciding the place to go subsequent.

Technical indicators look like pointing to a different dip from right here, because the 100 SMA is under the 200 SMA to trace that the trail of least resistance is to the draw back.

On the identical time, these transferring averages are proper across the triangle resistance, including to its energy as a ceiling. Stochastic seems prepared to maneuver again down as effectively, so worth might observe swimsuit.

Then once more, the oscillator may need some room to climb earlier than really reflecting exhaustion amongst consumers, so there may very well be sufficient bullish momentum to spur a break larger.

A transfer previous the triangle prime round $71 per barrel might set off a rally that’s the identical peak because the chart sample, which spans $67 to $77 per barrel.

Commodity merchants could be holding out for any main updates from this week’s OPEC conferences, in addition to doable surprises from the FOMC minutes and NFP launch, so maintain an eye fixed out for these catalysts!