Crude WTI - IMO should bounce on this L/T Ascending Trend line

7 Eyl 2022

WTI1!
Using a weekly candle chart, Crude right on an upward trend line testing, using the March 2020 low. Crude should bounce from here current level having been tough to break over the last 2 years.
Unless we are about to live a historical correction moment on Oil (liquidation/ news flow / Itan) the current price action set up is favouring longs here.
As an aside we are also reaching a 50% retardement Fibonacci ratio level taking High 2022/ March 2020 Low.

5 Mar 2023

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