Oil price is trading higher, exchanging hands in the 79.50s at the time of writing on Friday, as it rises up within a falling channel.
Oil is falling in a descending channel on the short-term horizon. Within the channel it is currently correcting higher, however, it is likely to capitulate and resume its downtrend. Only a decisive break out of the channel would reverse the short-term bearish outlook. West Texas Intermediate Crude Oil is in a short-term downtrend which, given the old adage “the trend is your friend,” is expected to eventually continue once the current correction has finished.
Oil has broken above the 50 Simple Moving Average – a bullish sign – but it has not yet broken above the 100 or 200 SMAs. Oil price would have to decisively break out of the falling channel and the 100 SMA to mark a change of trend and suggest a more bullish technical outlook. A decisive break would be one accompanied by a long green candle that closed near its high or three green candles in a row that broke above the channel line.
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