WTI rallies form range lows - break of $70 up next?
WTI crude posted a strong rally from the $67 support level thanks to another strong drawdown of crude inventories. The fact it rallied over 3% despite the stronger US dollar and hawkish comments from Powell makes us wonder if it could have broken above $70 were the dollar not to dominate FX majors on Wednesday. Still, prices are trading within a range between $67 - $72/73, and whilst prices action remains choppy o the daily chart there are some opportunities to trade the range on lower timeframes.
A triple bottom has formed on the daily along with a 2bar bullish reversal (bullish piercing line). String volumes accompanied the rally from the $67.50 area to show demand around those lows and the OBV (on balance volume) broke above its previous swig high, which hints at a breakout for prices.
Prices are drifting higher at the open, but we’d consider bullish setups above or around the daily pivot point or 10/20 EMAs if prices pullback for a potential swing-trade long to 70.A break above which brings the resistance zones around $71 and $72 into focus.
A triple bottom has formed on the daily along with a 2bar bullish reversal (bullish piercing line). String volumes accompanied the rally from the $67.50 area to show demand around those lows and the OBV (on balance volume) broke above its previous swig high, which hints at a breakout for prices.
Prices are drifting higher at the open, but we’d consider bullish setups above or around the daily pivot point or 10/20 EMAs if prices pullback for a potential swing-trade long to 70.A break above which brings the resistance zones around $71 and $72 into focus.
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