Breaking Down WTI’s Symmetrical Triangle Pattern: What You Need to Know
WTI is currently testing a crucial T/L support level that has been holding strong since September. This, combined with the T/L resistance of the long-term channel, has trapped WTI in a symmetrical triangle pattern. The medium-term trend is clearly on a downward trajectory due to the channel’s influence.
If WTI breaks below $67.50, it could signal further downside movement, with $65.65 as the initial target. However, it’s essential to acknowledge the potential for a bounce back from the trendline before that happens. Resistance is currently set at $73.20.
In simpler terms, WTI is at a critical juncture where a break below $67.50 could lead to more downside potential. On the other hand, a rebound from the trendline could see a temporary relief before any further movements. Keep an eye on the resistance level at $73.20 for potential price actions in the near future.