HomeContributorsTechnical AnalysisOil Prices Once Again Retreat From The Resistance Level

Oil Prices Once Again Retreat From The Resistance Level

WTI Crude oil prices made an attempt to test the technical resistance level around the 40.18 – 40.42 region.

However, prices were pushed lower immediately. For the moment, the consolidation is showing a squeeze in the price between the trend line and the horizontal resistance level.

Therefore, we could expect a breakout in the near term. The bias is mixed for the moment.

If oil prices break the trend line, we expect a move lower to the 34.41 level of support.

Alternately, an upside breakout might see prices finally clearing the way for a move toward the 50.00 level.

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