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WTI Crude Oil Price Analysis for February 13, 2024
WTI crude oil formed higher lows and found resistance at the $78 per barrel mark, creating an ascending triangle that’s been holding since December last year. Price is approaching the triangle resistance and a break higher could be followed by a rally of the same height as the triangle, which spans around $68-78 or $10. If resistance holds, crude oil could fall back to the triangle support around $73 per barrel. Technical indicators are looking mixed, though. The 100 SMA is above the 200 SMA to hint that a break is more likely to happen than a bounce. Price is also trading above both moving averages, so these could ... (full story)
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- Posted: Feb 13, 2024 12:42am
- Submitted by:Category: Technical AnalysisComments: 0 / Views: 385
