Texas Light Sweet Crumbles in Symmetrical Triangle!


  • WTI June Futures refreshes intraday low to near 100-HMA.
  • A short-term symmetrical triangle limits immediate moves.
  • 200-HMA, early-month tops offer strong downside support.

While stepping back from the two-day-old falling trend line, WTI June Futures on NYMEX drop to $23.92, down near 3.30% on a day, during Monday’s Asian session, writes Anil Panchal for FX Street.

Decline in black gold

The black gold currently declines towards a 100-HMA level of $23.82 ahead of visiting the triangle’s support line around $23.20.

It should, however, be noted that the oil benchmark’s drop beneath $23.20 will make it vulnerable to slide towards $2050/30 support confluence including the early-May tops and 200-HMA.

During the quote’s fresh move up, the triangle’s resistance line near $24.65/70 can challenge buyers before pushing them towards Wednesday’s top near $26.00.

If at all the bulls manage to successfully cross $26.00, expectations of refreshing monthly high surrounding $26.70 can’t be ruled out.

WTI hourly chart

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Source: FX Street


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