- WTI prices move within an expanding channel.
- With the RSI bullish on the chart, a breakout to the upside would point to the August highs.
West Texas Intermediate WTI crude, North America’s benchmark oil index, has moved within an expanding channel for the past two months.
Oil is currently trading negative around the $ 41.50 per barrel level. The current price is just below the resistance of the $ 42.10 channel.
A close above that level would confirm a bullish breakout, validating the reading above 50 points or bullish on the 14-day RSI and opening the doors to the August high of $ 43.78.
The bulls have failed multiple times in recent days to force the bullish close. Another rejection in this region could cause some buyers to exit the market, leading to a price pullback towards $ 40.06 (November 13 low).
WTI gráfico diary
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
