CRUDE OIL (WTI) Detailed Technical Outlook 🛢

TVC:USOIL   CFDs on WTI Crude Oil

I received a lot of questions about WTI Crude Oil.

Analyzing a weekly time frame, we can spot that the market is currently
approaching a significant supply zone.

Even though we see a strong bullish rally since the beginning of summer,
I will anticipate a further growth only after a bullish violation of that entire area: 92.5 - 97.8.

Alternatively, analyzing a daily time frame, we can identify a recent retracement from the underlined red area and a strong daily support that was nicely respected.

At the moment, I also see a completed cup & handle pattern there.
A bearish breakout of its neckline - daily candle close below 87.5 will be your bearish confirmation.

I am monitoring oil closely and if I see a good trading setup, I will definitely share that with you.

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