WTI crude oil costs are buying and selling flat having risen to highs of 53.90 intraday on Wednesday.
The declines push the worth motion again beneath the rising pattern line. This might probably see the pattern line being retested from beneath.
The Stochastics oscillator is nearing the oversold ranges and subsequently may see a doable transfer larger as soon as once more.
Nevertheless, oil costs might want to get away above the current highs to proceed larger. The following key goal would be the 55.00 stage.
To the draw back, if the trendline acts as resistance, then a detailed beneath 52.20 is required.
Solely a robust each day shut beneath this stage will open the way in which for a correction towards the 49.00 deal with.
— to www.actionforex.com