Price Action: WTI/USD 4H

Price Action: WTI/USD 4H

Price Action: WTI/USD 4H

The WTI oil prices have risen by 8.82% since last week’s trading sessions. The wave was stopped by the 200 SMA on March 29th. Right now the commodity is trading in an ascending channel and near the upper boundary line of a rising wedge and could be set for a breakout to the upside. If the breakout happens, a rise headed for $66 could happen during the following trading sessions. If the rising wedge does what a rising wedge most often does, the WTI/USD pair is likely to continue to trend lower towards the lower boundary line of the ascending channel during this week’s trading sessions.

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