Chart of the Day: WTI
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Crude at a Major Pivot Point
Crude Oil has reached a major pivot point of its move lower that started last year in March and we are about to find out if the trend higher will be restored or if we will remain in corrective mode. On Friday we closed right at the descending channel’s T/L resistance at $80.
Furthermore, potentially at the same level, we have the neckline of an inverted H&S formation which if broken targets a move to $90. To recap, a break higher points to a low already found at $70.50 and points to a move to $90 but until that happens don’t forget that the trend is your friend.
WTI Daily Chart