- Analytics
- News and Tools
- Market News
- WTI bears are lurking in what could be a peak formation on the charts
WTI bears are lurking in what could be a peak formation on the charts
- 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:
WTI H4 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.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
