WTI crude oil is trading up against the top of the range dating back nearly a month ago. The top of the range is also in confluence with the April trend-line, while the 200-day lies in the upper portion of the range. On Thursday, oil attempted to break above these levels, but was swatted lower and as a result a reversal candle was formed. The rejection helps keep pressure on oil despite it having then rebounded to end last week. Even if price rises above the reversal day high it may still be stopped in its tracks as the October trend-line runs down just above. It will take a close above Thursday’s reversal and the ... (full story)