WTI is currently approaching the sell target 100.00 that was set in our earlier report for this instrument. The price recently broke the lower support trendline of the wide daily up channel from the start of this year. This was followed by one unsuccessful attempt to break back into this up channel (as you can see below).
The nearest price action close to 100.00 will determine how WTI will move in the coming sessions. If Light Sweet Crude Oil fails to break below 100.00 – it can retest the resistance at 102.00. If WTI breaks below 100.00 – expect it to fall to the next sell target at 97.30.
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