From TradingView · · 40s
WTI: One More Pullback Before V-Shaped Bounce
WTI oil price shows one more pullback before V-shaped bounce breaks out.
In brief
WTI oil price shows one more pullback before V-shaped bounce breaks out. WTI oil price is expected to bounce after a short pullback as the market awaits a decision between support and resistance levels. Originally reported by TradingView.
WTI Price Action
WTI has rebuilt almost the entire Mar, Jul decline from the $67.5 July low to a clean V shape along a rising trendline.
Pullback Zone and Support
Pullback zone: $94.6, $91 with WMA 55 at $94.6 and rising V trendline at ~$91 where buyers defend the structure.
Key Levels and Triggers
Invalidation: daily close below $88; upside trigger: daily close above falling trendline (~$103) with targets at $106.8 and $114, 118.
Here's the gist
WTI oil price is expected to bounce after a short pullback as the market awaits a decision between support and resistance levels.
