WTI Crude Oil price is still consolidating in a sideways formation. There is significant resistance overhead at the current level in the form of the 200 Day . Only a convincing break out above 200 day level and a Daily close above would potentially call for a retest of the falling resistance at 100 level. Additional resistance on the upside is located at 106.43 followed by 110 level. Alternatively, support on the downside is located at 92.50 followed by 91.12 which is 50 Day and 87.79. Indicators like , . and are currently at neutral mid range opening the possibility for a move in either direction
Hi are you asking ? The Bearish pullback would be valid setup if we lost support at 94.00, Since QE3 is on the cards Usd is falling and WTI is in Bullish uptrend. Price Action created breakout above falling resistance and the Blue, Bullish setup is currently unfolding. What do you think?