Crude Oil costs are poised to snap a five-week successful streak with WTI pulling again from a rally of greater than 27% off the September lows. The reversal comes at a crucial resistance barrier we’ve been monitoring for months now and leaves the rapid advance weak into the beginning of the month. These are the up to date targets and invalidation ranges that matter on the oil price weekly chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this crude oil worth setup and extra.
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Crude Oil Value Chart – WTI Weekly
Chart Ready by Michael Boutros, Technical Strategist; Crude Oil (WTI) on Tradingview
Notes: In my earlier OilWeekly Price Outlook we famous {that a} breach above the April trendline was wanted in WTI to, “maintain the long-bias viable focusing on 63.60-64.40 – a area outlined by the 61.8% retracement of the 2018 decline and the August 2018 swing low (look for a bigger response there IF reached).” Value registered a excessive at 64.69 early within the week earlier than reversing and leaves…