WTI Oil price (OIL) has been trending lower in a channel since the beginning of April.
WTI Oil is unfolding an up leg within a falling channel. It is close to meeting resistance from the upper channel boundary line and the 50 SMA. A reversal at this point would probably lead to an extension of the downtrend and the falling channel. WTI Oil price has been trending lower in a channel since the beginning of April. It is in a downtrend on the 4-hour Chart which is used to analyze the short-term trend . Given that “the trend is your friend” this is expected to continue.
WTI Oil 4-hour Chart The Moving Average Convergence Divergence indicator is in negative territory but rising, it suggests a little more upside is probably on the horizon before the next turn – probably to the aforementioned green channel line. Key reversals in price as it moves up and down within the channel have corresponded quite reliably with the MACD crossing above and below its red signal line.
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