WTI crude oil formed higher lows and slightly higher highs to consolidate inside a rising wedge pattern on its 1-hour chart. Price already broke past the wedge resistance to signal that an uptrend is underway. A rally of the same height as the formation might be due, and this pattern spans $49.50 per barrel to $52.50 per barrel. The 100 SMA is above the 200 SMA to confirm that the path of least resistance is to the upside or that the climb is more likely to gain traction than to reverse. Crude oil is also trading above both moving averages as an indicator of bullish momentum. However, RSI has been hovering around the ... (full story)