WTI’s recovery from two-month lows could be short-lived. Oil is teasing a contracting triangle breakdown on the weekly chart. WTI oil is currently trading at $52.58 per barrel, having hit a low of $51.03 on Thursday. That was the lowest level since Aug. 7. The recovery has taken the shape of a “spinning bottom” candle on the daily chart. That candle has appeared after a notable price drop and could be considered a sign of seller exhaustion. A bullish reversal would be confirmed if prices close above the spinning bottom’s high of $52.91 on Friday. A bullish close, however, looks unlikely, as the daily chart indicators are biased bearish. For instance, the 14-day relative strength index (RSI) is reporting a below-50 print. The 5- and 10-day moving averages are trending south and the former support-turned-resistance of $52.87 is still intact. Weekly close pivotal WTI is teasing a contracting triangle breakdown on the weekly chart. A close below the lower edge of the contracting triangle, currently at $52.87, would confirm a breakdown would shift risk in favor of a drop below key support at $50.49 – trendline connecting June 3 and Aug. 5 lows. Daily chart Weekly chart Trend: Bearish Technical 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 JP Morgan Global Composite PMI hits lowest since mid-2016 FX Street 3 years WTI's recovery from two-month lows could be short-lived. Oil is teasing a contracting triangle breakdown on the weekly chart. WTI oil is currently trading at $52.58 per barrel, having hit a low of $51.03 on Thursday. That was the lowest level since Aug. 7. The recovery has taken the shape of a "spinning bottom" candle on the daily chart. That candle has appeared after a notable price drop and could be considered a sign of seller exhaustion. A bullish reversal would be confirmed if prices close above the spinning bottom's high of $52.91 on Friday. A bullish… Regulated 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.
