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WTI Crude Oil Breaks Rising Trend Line But Trades Flat

Posted On 12 May 2020
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wti crude oil

Volatility in WTI crude oil prices are lower once again. This comes despite oil prices breaking the rising trend line.

Price action is firmly trading above the 25.00 level which marks the support level.

As long as this support holds, the bias remains to the upside. There is potential for prices to resume the rally.

However, given the break of the trend line, there is scope for prices to slip below the 25.00 price handle.

This gives the downside target toward 17.80.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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