WTI Oil Technical: Risk of countertrend setback after rallying a year-to-date high
WTI crude oil may see an imminent minor pull-back below US$87.25 key short-term resistance after a strong bullish reversal last week
Source: marketpulse.com
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WTI Oil Technical: Risk of Countertrend Setback After Rallying a Year-to-Date High
The price actions of West Texas Oil (a proxy of WTI crude oil futures) have managed to snap its prior two weeks of consecutive losing streak and cleared above the US$84.90 resistance as highlighted in our previous report. Also, it recorded a weekly gain of +7.35% for the week ended last Friday, 1 September.
Source: actionforex.com