the daily chartist

Crude a bit in the whipsaw

published 1 year ago
WTI Daily

 Crude's uptrend that has started the summer of 2017 is still actual and teste only once - 18.06.2018, where it failed with a false breakout near 63.72. This gave a huge momentum and demand for the price itself also backed up by fundamentals, sentiment turned to bullish. Price has reached its local maximum at 75.26 and still needs to be tested as well. Currently, the price is starting to stall a bit, slowing down its acceleration and turning into a more sideways movement. This may signal a new test and maybe a possible reversal at 67.19. If Bearish momentum turns actual and bears take over the price will breach the trend and will correct towards 63.72 and will eventually turn into a new bearish trend.