WTI Crude Oil - The crossroad you need to know about !18.4 1) The breakout above the down trend-line starting from the highest high , when the price went above 101, marked the beginning of the movement we've seen so far (+$8).
2) There's 2 technical scenario playouts:
*Break above 108.20 with a 4h/1d close - 113.40 to 114.64 may be reached in the very short-term
*Break below 104.50 with a 4h/1d close - 97.90 to 93.20 may be reached in the very short-term
3) The circles on the chart mark the horizontal levels of support/resistance which play a very important role in price action.
4) Converging lows and highs are so far in the shape of a 'rising wedge" which could mean there's a higher potential for reversal down.
5) Fundamentally, oil is currently acting within an 'emotional' investor phase , which means in simple terms, there's no real shortage of oil so far - And reality may hit the price hard at any given time.
OPEC, Aramco, SHELL, USA all have capability to supply the entire world with oil if necessary.
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