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BREAKING: WTI oil rallies 4.5%

6:15 PM 4 November 2022

During Friday's session OIL.WTI price rose 4.5%, which is related to  weakening of the US dollar and upbeat news from China. From a technical point of view, price jumped above the upper limit of the ascending channel that has acted as a significant resistance in the past. If current sentiment prevails, it is possible that the upward move will expand towards another resistance at $ 93.50, where the October 10 highs are located. On the other hand, if sellers manage to regain control, a downward correction towards the lower limit of the channel may be launched.

OIL.WTI interval H4. Source: xStation5

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