Shortly after the release of US oil inventories data, the price of crude oil moved higher (we mention this in our previous post). However, looking at OIL.WTI on the M15 timeframe, the upward move stalled around the key intraday resistance at $80.90, which is marked with the upper limit of the local 1:1 structure, 50% Fibonacci retracement and the previous local high. As long as price sits below, another downward impulse may be launched. On the other hand, potential break higher occur, could pave the way towards the last highs at $82.5.
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Create account Try a demo Download mobile app Download mobile appOIL.WTI, M15 interval. Source: xStation5
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