Major downtrend phase from the 7 March 2022 swing high has evolved into a potential bullish reversal “Descending Wedge” configuration.
US$77.30 is the key intermediate resistance (200-day moving average & upper boundary of “Descending Wedge”).
Key short-term support rests at US$72.20, also the 50-day moving average.
Since its 7 Nov 2020 medium-term swing high of US$94.11 per barrel, the price actions of West Texas Oil (a proxy of WTI crude oil futures) have been oscillating within an 8-month bu
21-07-2023 03:49 GMT
by Kelvin Wong
