WTI Crude Oil: Analyzing Rebound Patterns

26 apr

The WTI (West Texas Intermediate) crude oil market has shown resilience, staging a recovery subsequent to a pullback retracing between the key Fibonacci levels of 50% to 61.8% from the preceding major swing. Notably, the current price action exhibits a divergence pattern, notably intersecting with the levels of prior support. Moreover, a discernible confirmation pattern emerged following a retest of this support, serving as a pivotal factor in our decision to initiate a trade. Furthermore, it's noteworthy that the current price trajectory remains positioned above the 200-period Volume Weighted Average Price (VWAP), reinforcing our conviction in the potential for a sustained bullish impulse to unfold.