WTI Crude Oil Price Technical Forecast:
- Crude oil prices[1] have continued last week’s support bounce up to a key area of resistance. DOE inventories data is due out later today with the potential to further push that next trend in crude oil.
- There’s a number of interesting items on the fundamental front[2] as discussed by my colleague David Song earlier today, and this article will largely focus on the technical backdrop around WTI crude oil prices.
- DailyFX Forecasts are published on a variety of markets such as Oil[3], the US Dollar[4] or the Euro[5] and are available from the DailyFX Trading Guides page[6]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[7]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[8].
Which trend is the true trend? That’s a question that will plague traders for as long as they plot around charts, and its very relevant right now in crude oil as prices have volleyed from support up to resistance, begging the question as to whether the sell-off that sparked in late-April[9] has more room to move lower, or whether the bullish trend that ran from last December into this April will come back to life. And then taking a further step back, the three-month sell-off from last October into those December lows looms large, as this, at the time, appeared to be a clear signal that something was afoot. Near-term price
