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WTI Crude Oil Price Analysis for April 30, 2024
WTI crude oil has formed lower highs and found support at the $81.50 per barrel mark, creating a descending triangle on its short-term time frames. Price is bouncing off resistance and could be due for a dip back to the triangle support soon. However, technical indicators are hinting at a potential bullish break. The 100 SMA just crossed above the 200 SMA to suggest that the path of least resistance is to the upside or that the top of the triangle is more likely to break than to hold, possibly sending WTI crude oil up by the same height as the formation. Stochastic is dipping into the oversold region also, suggesting ... (full story)