WTI has climbed for the 7th week and is now trading right at the top of a 15-month rising channel.
This could mean the price has topped out but there's no sign of reversal just yet.
Therefore, we will continue to follow the trend and look for buying opportunity as price pulls back towards 89.5.
However, if the price is able to reach the bottom of the current rising channel at around 87.9, a reversal is likely to happen in the coming weeks.
This could mean the price has topped out but there's no sign of reversal just yet.
Therefore, we will continue to follow the trend and look for buying opportunity as price pulls back towards 89.5.
However, if the price is able to reach the bottom of the current rising channel at around 87.9, a reversal is likely to happen in the coming weeks.
