CFD Petrolio WTILong
Crude oil might prepare for the breakout
Crude oil is preparing for the breakout after a short-term correction before the interest rate decision from the US. The message from Jerome Powell had temporarily boosted the US dollar, as he pointed out that inflation persists.
Energy commodity prices are retracing now after a 4-month decline, and according to the latest CPI publication, there was an uptick in Gasoline prices and an overall rise in prices of other energy commodities.
So, the sentiment remains strong for Crude oil. Technically, USOIL (CL) was in a strong uptrend for several weeks. This trend may have a continuation, despite a local correction.
Crude oil is a momentum-driven instrument, which means that it tends to sustain momentum once the trend begins. Given a bullish trend, we may expect USOIl to break the trendline of a highlighted formation, after which it may retrace back before resuming the intermediate-term trend.
Protect your positions at all times and manage risks!
Energy commodity prices are retracing now after a 4-month decline, and according to the latest CPI publication, there was an uptick in Gasoline prices and an overall rise in prices of other energy commodities.
So, the sentiment remains strong for Crude oil. Technically, USOIL (CL) was in a strong uptrend for several weeks. This trend may have a continuation, despite a local correction.
Crude oil is a momentum-driven instrument, which means that it tends to sustain momentum once the trend begins. Given a bullish trend, we may expect USOIl to break the trendline of a highlighted formation, after which it may retrace back before resuming the intermediate-term trend.
Protect your positions at all times and manage risks!
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