VasilyTrader

CRUDE OIL (WTI) Price Action & Important Breakout

Long
FX:USOIL   CFDs on Crude Oil (WTI)

hey guys,

two weeks long consolidation on wti.
the price was trading within a narrow horizontal range bouncing from 31.5 support and respecting 34.4 resistance.

Friday's price action was different.
it was the first time when the price set a higher low after testing the support of the range.
and then, during the US session BOOM, the range is broken to the upside.

what we see now is the confirmed daily/4H breakout of a horizontal structure and it looks like the price is willing to push to new structure highs.
broken resistance turned to support, and from that, we will expect a new bullish impulse.

the next strong structure resistance is 37.6 level based on 3 days structure.
bias is bullish and post lockdown period starts!

have a great weekend!


p.s please. support the idea with like and comment!

Comments

Hi there,

So will it continue the uptrend or go down to around 34.50 gaining support then rebound?
+1 Reply
on spot --great work, what i am wondering is that gap is different is on every chart
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Very good analysis on US Oil. I've got a similar trade up as well.
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What is your view on WTI?
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