CRUDE OIL (WTI) Detailed Technical Outlook 🛢

11 gen 2023

WTI Crude Oil has recently been rejected from 76.7 - 77.7 horizontal supply zone.
The market is steadily recovering now.

The price is growing within an expanding wedge pattern on 4H.

From a current perspective, there are 2 options to trade:

1. You can consider trading the boundaries of the wedge,
buying the support and selling the resistance.
2. You can wait for a bearish breakout of the support of the wedge,
4H candle close below that will confirm the breakout.
A bearish continuation will be expected then.

I will post an update, once I spot a decent setup.

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