WTI is up on the day and testing a key technical level on the 4-hour charts.

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• WTI is up on the day and testing a key technical level on the 4-hour charts.
• Bulls need a break of the 4-hour resistance or face imminent doom below the weekly countertrend.

WTI oil came up for air on Wednesday and moved in a key area of 4-hour support as the following charts will illustrate. At the time of writing, the black gold is trading 1.5% higher after rallying from a low of $86.20bbls to a high of $90.17bbls on the day so far.

The price recently broke below the weekly trendline support that is in the process of being retested as the above analysis illustrates.

Zooming in, this is made clearer with the price testing the key 89.80s in trade this week.

From a 4-hour perspective, however, the price has formed a W-formation and should the support area hold, there could be a move to test above the resistance which could lead to a break back into the bullish weekly trend.

[/s2If]
Join Our Telegram Group