WTI traders are the $73.90s that is the line in the sand currently.
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- WTI traders are the $73.90s that is the line in the sand currently.
- A break of trendline support and $72.50 could start the initial phase of a topping formation.
West Texas Intermediate (WTTI) crude oil closed higher on Monday for a second-straight session after unexpectedly robust US Nonfarm Payrolls data released Friday. the recession jitters are easing and that is playing into the bid in the black gold.
The following illustrates the structure of the price in WTI on the 4-hour chart:
The resistance of the trendline and horizontal $73.90 could play a role in a subsequent sell-off in the coming sessions. A break of $73.90, however, opens the risk of a move towards the $76.70s. A break of trendline support and $72.50 could start the initial phase of a topping formation. A break of $71.70s will be key in this regard also.
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