WTI Crude Oil Breaks Rising Trend Line But Trades Flat

May 12, 2020

By Orbex

Volatility in WTI crude oil prices are lower once again. This comes despite oil prices breaking the rising trend line.

Price action is firmly trading above the 25.00 level which marks the support level.

As long as this support holds, the bias remains to the upside. There is potential for prices to resume the rally.

Get our Weekly Commitment of Traders Report: - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.

Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter

However, given the break of the trend line, there is scope for prices to slip below the 25.00 price handle.

This gives the downside target toward 17.80.

By Orbex