Crude Oil Uptrend Faces Key Test at Trendline Support
WTI crude oil prices weakened 8.5% last week in the worst 5-day performance since March.
That has brought oil to a key rising trendline from December after falling back under the 113.72 - 116.61 inflection zone.
In the week ahead, traders will be watching if this trendline will be taken out. Such an outcome could spell more trouble for WTI, exposing the 38.2% Fibonacci retracement at 103.83.
Further losses would then place the focus on the 92.95 - 95.11 support zone.
USOIL
That has brought oil to a key rising trendline from December after falling back under the 113.72 - 116.61 inflection zone.
In the week ahead, traders will be watching if this trendline will be taken out. Such an outcome could spell more trouble for WTI, exposing the 38.2% Fibonacci retracement at 103.83.
Further losses would then place the focus on the 92.95 - 95.11 support zone.
USOIL
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.