WTI Crude Oil Breaks Rising Trend Line But Trades Flat

By John Benjamin of Orbex
Tuesday, May 12, 2020 4:27 AM EDT

 

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.

wti crude oil

Disclaimer: Orbex LIMITED is a fully licensed and Regulated Cyprus Investment Firm (CIF) governed and supervised by the Cyprus Securities and Exchange Commission (CySEC) (License Number 124/10). ...

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