Forex Chart Of The Day: WTI CRUDE OIL At Yearly Highs

The price of WTI CRUDE OIL is back at last year’s high, could the price be supported here and could the monthly trend continue?

Watch the video to learn more…

WTI CRUDE OIL Analysis

The price of Crude Oil is coming into a key support level. The price has been in an uptrend on the monthly chart, but in a retracement phase. We highlighted this monthly retracement phase in a previous Oil video, when a market is in an upward trend but in a retracement phase, we should see a downward trend on a lower time frame.

We can see this on the daily chart, the price has been forming lower lows and lower highs. This offered us short trading opportunities to the yearly high. Now the price is back at this level we could look for the monthly trend to continue. If the monthly trend is going to continue we would need to see the daily chart form an upward trend. This could happen if the price was to form a reversal set up like a double bottom or an inverse head and shoulders pattern. 

Did you see our GOLD analysis? You can see it here.

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About The Author

Jonathan Kibbler

Jon Kibbler, our Senior Market Analyst, boasts over a decade of trading experience. He specializes in dissecting the intricacies of financial markets and sharing his expertise with precision. Jon’s insights have been featured at renowned events and platforms like Coindex, Forex Analytix, and Forex.com.

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