WTI Crude Oil Ticks Up – Triangle Pattern Ready to Play

The candlestick pattern "three white soldiers" on the 2-hour chart suggested a bullish bias for crude oil on Monday, however, the scenario...


The candlestick pattern “three white soldiers” on the 2-hour chart suggested a bullish bias for crude oil on Monday, however, the scenario is slightly jumbled now. Check out the key technical drivers of crude oil for today.

WTI Crude Oil – Technical View

On the 2-hour chart, we can see a formation of a bullish triangle pattern which is supporting crude oil near $68 along with a resistance up at $69.40. For the moment, crude oil is trading at $68.9 as the price has already moved near a horizontal resistance level of $69.40. Is it going to break upward?

WTI Crude Oil - 120 - Min Chart

WTI Crude Oil – 120 – Min Chart

Well, the candlestick pattern “three white soldiers” is signaling a bullish bias of traders. Whereas, the momentum indicators, RSI and Stochastic are in overbought territory. By the way, fellows, don’t forget to look at the API stockpile report which is due to be released during the U.S. session at 20:30 (GMT). Good luck!

WTI Crude Oil – Trade Idea

Taking a buying position above $68.40 seems to be a good idea. The stop should be below $68 along with a take profit at $69.40 and $70 (if market violates $69.40). Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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