WTI trades 0.26% higher despite some recent weakness. There is now an interesting flag-like pattern on the hourly chart. WTI 1-hour chart The oil complex had been hit by the recent dollar strength much like many of the other commodities. WTI has managed to bounce back after the OPEC+ group announced the output cuts will continue till December. DoE inventory levels also produced a draw today (Wednesday) but it was not as large as some analysts had been expected but a draw is good nevertheless. The recent price action has moved into a flag type formation. A break in either direction would be a good signal for the future path but the topside break seems more likely at the moment. The blue resistance line at USD 40.50 per barrel is a firm. The market has used the zone on multiple occasions on this chart alone. If it breaks the next key level is the previous wave high. If that breaks then its game on for the bulls. The indicators are looking mixed. The MACD histogram is green and the signal lines have just crossed to the upside. The Relative Strength Index is just under the 50 line after a recent surge high and a break above the 50 line would be positive. Additional levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US election polls: Biden at 50%, Trump 40% – Marquette University FX Street 1 year WTI trades 0.26% higher despite some recent weakness. There is now an interesting flag-like pattern on the hourly chart. WTI 1-hour chart The oil complex had been hit by the recent dollar strength much like many of the other commodities. WTI has managed to bounce back after the OPEC+ group announced the output cuts will continue till December. DoE inventory levels also produced a draw today (Wednesday) but it was not as large as some analysts had been expected but a draw is good nevertheless. The recent price action has moved into a flag type formation. A break in either… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
