Forex Trading Library

WTI Crude oil resumes bullish trend

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WTI crude oil prices are up by over 9% intraday.

The commodity is back to the bullish trend after price consolidated over the past few sessions.

The resulting breakout above 27.95 has now opened the way for WTI crude oil to test the 33.66 level of resistance.

We could expect to see prices recovering off this level initially. But, price action will be confined to levels between 33.66 and 27.95.

Expect to see further downside only after a strong close below the lower support.

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