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WTI Crude Oil Bounces Off Trendline Support to Trade at $76.50
The WTI crude oil price on Friday bounced off the trendline support at about $75.90 to trade at about $76.50, following the latest round of data. The oil price appears to be trading within an ascending channel formation in the 60-min chart. The light crude oil continues to trade below the 100-hour moving average line despite the rebound. As a result, the price of oil seems to have more room left to run before reaching the overbought levels of the 14-hour RSI. WTI Crude Oil Fundamentals Overview From a fundamental perspective, light crude oil is trading at the back of a relatively busy period in the market. On ... (full story)