WTI crude oil is trying to consolidate around slope resistance. A little more of this price action could set up a nice continuation pattern that has oil running towards the 77 level. If we don’t see a breakout above the recent highs then it is possible oil rolls back lower, at which time the outlook becomes a bit dicey. There is a long-term pattern I also discuss, but not something to take too seriously for now. For the full set of details, please check out the video above…
Crude Oil (CL1!) Daily Chart
WTI Crude Oil Chart by TradingView
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---Written by Paul Robinson, Market Analyst
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